./// f .^'."/- •> ':'■' - r '- / ; ; 




LIBRARY OF CONGRESS. t 

I i 

<£%«%:. ,Li, I 

& /J j 



J UNITED STATES OF AMERICA, t 



< 



THE 



CAPITALIST'S GUIDE 

AND 

RAILWAY ANNUAL 

FOIR, 1859, 



CONTAINING 



ALL THE RAILROADS COMPLETED AND IN PROGRESS 



UNITED STATES: 

Length, Connections, Tables of Monthly Earnings ; the Balance Sheets and Income 

Accounts of the principal Companies, showing their Cost. Equipment, Assets, 

Capital Stock, Bonded Debt, Floating Debt, with an Analysis of the Business 

of each Road for the past Two Years, exhibiting its Revenue from Traffic. 



Tables of the Bonded Debt of each Company, arranged in the order it matures ; the 

Debts of the several States, in which is exhibited their aid to railways ; Lists 

of Dividend Pa\ing Roads, those in Good Credit, and Delinquent Companies; 

TOGETHER WITH 

Remarks upon Railway Management ; Suggestions for the Restoration of Confidence 
in Railway Investments ; and the Per Centage of Net Profits for Stock- 
holders, upon such Stocks as are bought and sold at the New 
York Stock Exchange, brought down to the 1st June, 1859. 

COMPILED AND ARRANGED FROM TATE AND AtTHENTTC REPORTS, 

SBY 



50* 



/ 

F. H. STOW. 



NEW YORK: 

PUBLISHED BY SAMUEL T. CALLAHAN, 73 FULTON STREET. 

1859. 



HCvMT 



Entered according to Act of Congress, in the year * 1859, by F. H. 
Stow, in the Clerk's Office of the United States District Court for the 
Southern District of New York. 



INDEX 



Railroads. 

Alabama and Florida 

" and Mississippi Rivers. . 
" and Tennessee Rivers. . 

Alleghany Valley 

Alexandria, Loudon and Hamp- 
shire 

Annapolis and Elk Ridge 

Androscoggin 

" and Kennebec 

Ashulot 

Atlanta and West Point 

Atlantic and St. Lawrence 

" and North Carolina 

Augusta and Savannah 

Baltimore and Ohio 

Barnsville and Thomaston 

Baton Rouge, Gross Tete and 

Opelousas 

Bellefontaine and Indiana 

Belvidere 

Blue Ridge 

Boston, Concord and Montreal. . . 

" and Lowell 

" and Maine 

" and New York Central. . . 

" and Providence 

" and Worcester 

Brunswick and Florida 

Buffalo Bayou, Brazos and Colo- 
rado 

Buffalo and State Line 

Burlington and Missouri River... . 

Cairo and Fulton 

Camden and Amboy 

" and Atlantic 

Cape Cod ." 

Catawissa, Williamsport and Erie 
Central Georgia 

" New Jersey 

Ohio 

Charleston and Savannah 



Page 
357 
382 
201: 
359J 

375 

449 

384 

109 

150 

56 

88 

416 

321 

37 



416 
461 
329 
225 
61 
212 
469 
255 
256 
240 
377 

424 
336 

111 
429 

307 
314 

266 
409; 

189 J 
85, 
40 

293 



Railroads. Page 

Charlotte and South Carolina. . . . 345 

Chartiers Valley 419 

Cheraw and Darlington 437 

Cheshire 151 

Chicago, Burlington and Quincy. 135 

" Iowa and Nebraska 432 

" and Milwaukee 315 

" and Rock Island 72 

" St. Paul and Fond du 

Lac 410 

Cincinnati, Hamilton and Dayton. 227 

" Peru and Chicago.... 418 
" Wilmington and Zanes- 

ville 148 

Cleveland, Columbus and Cincin- 
nati 209 

Cleveland and Mahoning 333 

" Painesville & Ashtabula 467 

" and Pittsburg 300 

" and Toledo 44 

Clinton and Port Hudson 419 

Cocheco 154 

Columbus, Piqua and Indiana. . . . 452 

" and Xenia 364 

Concord, Manchester and Law- 
rence 156 

Concord and Portsmouth 159 

Connecticut River 283 

" and Passumpsic Rivers 328 

Cumberland Valley 113 

Dubuque and Pacific 141 

" and Western 444 

Danbury and Norwalk 254 

Dayton and Michigan 434 

" and "Western 435 

Delaware 383 

" and Hudson Canal Co. 

and R. R 422 

" Lack'a & Western 76, 447 

Detroit and Milwaukee 426 

Eastern, (Mass) 121 



INDEX. 



Railroads Page 

East Tennessee and Georgia 59 

,; and Virginia 396 

Eaton and Hamilton 118 

Erie and Northeast 394 

Essex 294 

Etowah 401 

Evansville and Crawfordsville . . . . 331 

Fairhaven Branch 327 

Fitchhurg 260 

" and Worcester 293 

Florida 424 

Fox Kiver Valley 325 

Fredericksburg and Gordonsville . 436 

Galena and Chicago Union 351 

Georgia 458, 473 

Great Falls and Conway 175 

Great Western, (Illinois) 360 

Greenville and Columbia 407 

Hannibal and St. Joseph 119 

Harrisburg and Lancaster 335 

Hartford and New Haven 216 

" Providence and Fishkill. 71 

Hempfield 400 

Housatonic 2^6 

Houston and Texas Central 218 

Hudson River 465 

Illinois Central 335 

Illinois River 350 

Indiana Central 42 

Indianapolis aud Cincinnati 303 

" Pittsburg & Cleveland 462 

Introduction 7 

Iowa Central 7? 

Iron 12S 

Jacksonville and Savannah 396 

Jeffersonville 421 

Kennebec and Portland 381 

Kenosha and Rockford 420 

Kentucky Central 161 

Keokuk, Ft. DrsMoincs and Minna. 208 
" Mt. Pleasant and Musca- 
tine 451 

Kiug's Mountain 415 

Lackawanna and Bloomsburg. . . . 443 

La Crosse and Milwaukee 4:38 

Lehigh Valley 285 

Lifavette and Indianapolis 408 

and La Salle 449 

Laureus 358 

Lexington and Big Sandv 448 

" and Cambridge 317 

" and Frankfort 250 

Little Miami 362 

Long Island 187, 460 

Louisville and Frankfort 123 

and Nashville 131 

Macon and We-* em 214 

McMinnville and Manchester 334 

Madison and Indianapolis 12fi 

Manassas Gap 252 I 

Marietta and Cincinnati 47 I 



Railroads. Page 

Massachusetts, smaller roads of. . . 471 

M emphis and Charleston 124 

Memphis, Clarksville& Louisville 160 

" and Little Rock 382 

and Ohio 340 

Merrimac and Conn. Rivers 145 

Michigan Central 53 

Mich Southern and N. Indiana . . 453 

Milledgeville and Eatonton 421 

Milwaukee and Beloit 346 

" and Chicago 326 

" and Horicon 443 

" and Mississippi 270 

" and Superior 474 

" Watertown& Baraboo 378 

Mineral Point 405 

Mississippi Central 236 

" and Tennesse. . 126 

Mississippi and Tennessee 107 

" and Missouri 196 

Mobile and Girard 438 

" and Ohio 97,445 

Montgomery and West Point 57 

Morris and Essex 199 

Muscogee 248 

Nashville and Chattanooga 322 

and North Western 393 

Nashua and Lowell 146 

Naugatuck 302 

New Albany and Salem 338 

New Bedford and Taunton 292 

New Castle and Frenchtown 379 

New Haven, New London .\: Ston- 

ington 305 

New Haven and Northampton. ... 267 
New Jersey, smaller railroads of.. § 474 
" Railroad and Trans- 
portation Co 88 

New London, Willimantic and 

Palmer 297 

New Orleans, Jackson and Great 

Northern 318 

New Orleans, Opelousas and Great 

Western 450 

New York and Boston 268 

" Central 63 

and Erie 181 

" and Harlem 463 

" and New Haven 105 

" Providence and Boston.. 289 

Newburyport 322 

Norfolk "and Petersburg 425 

North Carolina 332 

North East and South West Ala- 
bama 415 

North Eastern, (S.-C.). . . . . 163, 446 

Northern Central 258 

North Missouri 115 

Northern, (N. 14.) 100 

Ogdensburgh 348 

North Pennsylvania 223 



INDEX. 



Railroads. Page 

Norwich and Worcester 177 

Ohio and Mississippi 102 

Old Colony and Fall River 238 

Orange and Alexandria 220 

Pacific of Missouri 202 

Panama 192 

Pennsylvania 262 

Pensacola and Georgia 371 

Peru and Indianapolis 380 

Petersburg 393 

Philadelphia, Germantown and 

Norristown 427 

Philadelphia and Reading 229 

and Trenton 362 

" Wilmington and Bal- 
timore 281 

Pittsburg and Connellsville 369 

Pittsburg, Fort Wayne and Chi- 
cago 81 

Pittsburg and Steuben sville 406 

Pittsfield and North Adams 266 

Portland, Saco and Portsmouth. . . 178 

Providence, Warren and Bristol. . 290 

" and Worcester 269 

Quakake — 406 

Quincy and Chicago 414 

Racine and Mississippi 312 

Railroad Bonds, Maturity of 475 

Railroads, dividend paying 492 

" in good credit 494 

" delinquent 498 

Raleigh and Gaston 330 

Richmond and Danville 242 

" Fredericksburg and Po- 
tomac 401 

" and Petersburg 171 

and York Kiver 172 

Roanoke Valley 419 

Rome, (Ga > 407 

Rutland and Burlington 93 

Sandusky, Dayton and Cincinnati . 138 

" Mansfield and Newark. 367 

Savannah, Albany and Gulf 206 

Sciota and Hocking Valley 339 

Seaboard and Roanoke i 6 



Railroads. Rage 

Sheboygan and Mississippi 405 

Southern Mississippi 370 

South Carolina 274 

" Shore... 296 

" Side 51 

" Western 165 

Spartanburg and Union 219 

Springfield, Mt. Vernon and Pitts- 
burg 374 

State debt? 499 

[ Stocks dealt in at N Y. Stock Ex- 

» change 17 

St. Louis, Alton and Chicago . .:. 376 

" and Iron Mountain. .. . 342 

I Sullivan 174 

Sunbury and Erie 277 

Tallahassee 437 

i Taunton Branch 277 

Tennessee and Alabanra 3^3 

Central.. 344 

j Terre Haute, Alton and St. Louis 67 

,< u .< .< 430 

" and Richmond 179 

Toledo, Wabash and Western 356 

Vermont Central 295 

" and Massachusetts 291 

Valley 395 

Vicksburg, Shreveport & Texas. 205 

Virginia Central 168 

' • and Tennessee 90 

Watertown and Home 310 

Warren 311 

West Feliciana 417 

Western. (Mass.) 245 

" (N. C) 198 

" and Atlantic 153 

" Vermont 400 

Wilton 155 

Williamsport and Elmira 403 

Wilmington and Manchester 185 

andWeldon 132 

I Wisconsin Central 380 

J Winshester and Potomac 417 

Worcester and Nashua 194 

1 York and Cumberland 395 



INTRODUCTION. 



The value of railroads to an agricultural country like the United 
States, where the most fertile lands are far distant from the seaboard, 
can scarcely to estimated with any degree of accuracy. Those 
who have given the subject of railway building but little attention 
durino- the past nine years will be astonished at the number of miles 
put in operation during that period : amounting, in the aggregate, to 
20,883 miles, as follows : 

Years. Miles completed. Wars. Miles ootnpletcd . 

1S50 7,355 1355 21.12-5 

1851 9,090 1856 24.376 

1852 11,631 1857 26,107 

1853 13.213 1859 26.979 

1854 13,265 13-59 27.944 

Their effect upon emigration and permanent settlement will be bet- 
ter understood by the following table, which shows the ratio of in- 
crease, both in the number of miles opened and in population : 

States iomplc^cd.' Population. Increase, per ct. 

1850. 1859. 1850. 1859. jf£ ™f 

Maine 175 556 583,169 647.994 2 17.. 77 ll„12 

New Hampshire 309 560 317.976 353,816 71. ,12 11.. 27 

Massachusetts 1.095 1,378 994,514 1,218.634 25„73 22,;64 

Vermont '243 536 314.120 335,103 120,. 58 6„10 

Rhode Island. . . 50 64 147.545 221,S11 2S„00 50,,52 

Connecticut 434 655 370,792 402.111 50„92 8„46 



Total Eastern States.... 2,306 3,749 2,728,116 3,179,474 62„74 16„12 

New York 1,070 2,695 

New Jersey 231 554 

Pennsylvania 931 2,971 

Delaware 16 92 

Maryland 324 792 

District Columbia 8 

Virginia 413 1,411 

Total Middle States.... 3,035 8,523 S,046,649 9,613,468 1S0„82 19„47 



3,097 394 


3,647,150 


151„87 


17„74 


4S9.555 


585,867 


140„00 


19„66 


2,311,736 


2,941,717 


202„86 


27„29 


91,532 


101,402 


475.. 00 


10., 85 


583,034 


690,670 


144.,44 


14., 86 


51.687 


85,330 




65, .31 


1,421,661 


1,561,332 


248„91 


9„75 



INTRODUCTION. 



State*. ^mplftef. Population Increase, per ct. 

1850. 1859. 1850. 1859. Mil ™ Po'la' 

xt. it- iwn. 

North Carolina 302 760 869,039 1,001,416 151„65 15„23 

South Carolina 241 780 668,507 748,904 227„80 12„02 

Georgia 609 1,177 906,185 1,146,117 93„27 26„48 

Florida 23 198 87,445 201,161 760„87 130,.59 

Alahama 113 679 771,623 902,336 500„00 17„00 

Mississippi 60 247 606,526 841,313 311„67 38„74 

Louisiana 66 393 517,762 683,114 497„00 31„92 

Texas 205 212,592 582,155 173„90 

, Arkansas 38 209,897 346,722 65„10 

Tennessee 1,035 1,002,717 1,286,540 28„38 

Total Southern States. 1,414 5,512 5,852,293 7.739,778 288„26 32„23 

Ohio 299 2,938 1,980,329 2,5S0,011 896„41 30„20 

Kentucky 28 400 983,416 1,162,102 1,328„57 17„57 

Indiana 86 1,291 982.405 1,146,717 1,401„73 16„72 

Illinois 22 2,714 851,470 1,353,960 12,236„00 59„61 

Missouri 547 682,044 1.023,888 50„01 

Iowa 344 192,214 596.751 214„08 

Michigan 344 1.032 397,654 637,514 200.,00 59„96 

Wisconsin 822 305,391 822,606 171 „75 

Total Western States.. 779 10,138 6,379,923 9,328,549 1,201, ,41 46„22 



Thus it appears, taking the two extremes, that the per centage of 
increase in miles of railways built in New England during the nine 
years under review, is 62„74 per cent., while in eight of the Western 
States the increase is 1,201„41 per cent. At the same time, the form- 
er gained in population 16„ 12 per cent., and the latter 46„22 per cent. 

The influences upon development at the west are more strikingly 
illustrated in the productions of the soil, viz : 

Miles of Railroads . Production of 

States. in operation. Wheat. Corn. 

1850. 1859. 1850. 1857. 1850. 1857. 

Ohio 299 2,988 14,487,351 25,397,614 59,078,695 82,555,186 

Indiana 86 1,291 6,214,458 13,527,111 52.964,363 80,111,416 

Illinois 22 2,714 9,414,575 24,611,222 57,646,984 119,186,921 

Iowa 344 1,530,581 10,113,200 8,656,799 32,111,502 

Michigan 344 1,032 4,925,889 9,397,196 5,641,420 8,322,756 

Wisconsin 822 4,236,131 16,116,186 1,938,379 14,186,822 

Missouri 547 2,981,652 8,113,112 36,214,537 98,712,561 

751 9,738 43,840,637 107,275,641 222,191,177 435,187,164 

These roads cost to January, 1859, $365,451,070; and notwithstand- 
ing one-third of the sum has doubtless been wasted in construction, yet 
the increased productions of the soil and value given to landed property, 
to say nothing of the saving of time, in transit, are benefits to the in- 



INTRODUCTION. 9 

habitants as well as to the States in which they are located, that can- 
not be estimated by dollars and cents. 

There are, at the present time, 28,000 miles of finished roads in the 
United States, with some 16,000 miles either in process of construction 
or projected, requiring, to complete them, $400,000,000. Many 3 ears 
must elapse, however, before capital can be diverted freely to this 
object. The lessons of the past, to the present generation, at least, 
are not easily forgotten. There is no doubt but 20,000 miles of rail- 
roads are all that is now required to facilitate the inland commerce 
of the country, and that 8,000 miles of rails are a dead loss to stock- 
holders, especially such roads as have been conceived without judg- 
ment, and built in rivalry to others. A reference to a map published 
by the American Railroad Journal, must convince any one that there 
never was any well digested plan in the location of many of our 
long lines, or their tributaries ; and to this fact alone must be attrib- 
uted the total failure of a large number of roads to realize the reve- 
nue that was expected of them when projected. 

The plan of constructing railroads with bonds to such an extent as 
has been practiced since 1854, should never have been permitted by 
stockholders, especially at a time when it was not difficult to find 
subscribers for stocks in all feasible enterprises; or if the require- 
ments of the company demanded immediate financial aid, the bonds 
should have possessed the convertible clause, so that they could have 
been merged into stock at a time when railway stocks had not depre- 
ciated to any great extent in value. This plan, which was only adopt- 
ed by a few companies, would have preserved the interest of stock- 
holders in a large number of roads, that must sooner cr later be wiped 
out by foreclosure. The system of construction has been wrong from 
the beginning. If a company, with a nominal capital of £2,500,000, 
having a hundred and fifty miles of road to build, with a cash subscrip- 
tion of $600 000, instead of completing and equipping twenty- five miles 
of road, it would put the whole line under contract at once pledging the 
road and appurtenances for $1,800,000 in bonds, and depending upon 
contingencies for the remainder, $1,400,000. The plan has been to pay 
the contractors in cash, say 25 per cent : bonds. 50 percent ; and stock, 
25 per cent. In most cases the cash barely furnished means enough for 
graduation and ordinary expenses while the road was being built- 



10 INTRODUCTION. 

The contractor was shrewd enough to obtain a sufficient margin to 
cover the most exorbitant discount upon the securities of the company, 
while rails that would command but $45 cash per ton, readily 
brought from $60 @ 70 in railway bonds ; and to convert these into 
money would require a discount of 25 to 30 per cent., because every 
capitalist throughout the country was full of them — and it was so 
with every thing supplied to the company for construction. When 
about seventy-five miles were finished, the directors, who by this time 
had exhausted the available means of the company, find it impossible to 
go on without further aid, but as an inducement for the contractor to 
complete the work, an additional $5,000 per mile, in view of having the 
road finished within a specified time, is allowed. Meantime the 
funds of the company are fast giving out. Another issue of bonds, 
based upon the expected income of the road, is manufactured and 
given for work. After a struggle the rails are all laid, a light stock 
of equipment is furnished, but the company are unable to save any 
thing from earnings, because the road is indifferently stocked and 
badly ballasted. The first year finds it with just money enough 
from traffic to pay running expenses, but saddled with a large 
floating debt — created by being short of means at the start, and sub- 
sequently promising to pay nearly double for every thing bought on a 
credit instead of purchasing for cash. Here is an example of the two 
systems. 

With Bond and Stocks. Cost of road- 

Cash $800,000 Grading, bridge and iron, $3,5-00,00 

1st mortgage Bonds 1,000,000 Equipment 400,000 

2d " " 800,000 Right of way 200,000 

Income • 400,000 Real estate 100,000 

Stock 875,000 

Floating debt 635,1)00 



$4,500,000 or, $30,000 per mile. 



$4,500,000 



Cash Plan- 

Grading, bridging and iron $2,800,000 

Equipment 325,000 

Right of way 100,000 

Real estate 75,000 

or, $22,000 per mile. $3,300,000 

This is no fancy sketch, but true with nearly one-half of the 
western roads built within the last three years. If then, stockholders 



INTRODUCTION. 11 

are losers by an erroneous policy at the inception, they must take the 
blame to themselves. The different classes of liabilities binding the 
same piece of property would be sure to end in disaster to one or more 
holders, if it covered any thing else but a railroad, and as the stock- 
holders 1 interest is the weakest liability, it follows that it is exposed to 
the greatest depreciation. Take for instance the following roads, nearly 
every one of which is bankrupt, and the stock is either worthless, 
or possesses but a small market value. 



Capital stock. 


Bonded debt. 


Cost road ((Equip 


$1,627,906 
3,477,705 
5,300,000 


$3,869,300 
7,405,917 
10,739,600 


$6,534,057 
11,408,024 

18,148,000 


2,441,176 

11,000.000 

2,662,893 


3,282,500 
26,371,511 

5,199,800 


4,133,945 • 
34,494,276 
8,114,126 


510.900 

988,570 

1,611.527 

1,600,000 

3,300,000 


1,0:»5,600 
3,133,850 

4,577.000 
3,0S8,426 
6,095,000 


1.566,694 
3,802,016 
4,741,488 
5,022,926 
9,535,000 



Central Ohio 

Marietta and Cincinnati 

Ohio and Mississippi 

Cin. Wilmington & Zanes- 

ville 

New York and Erie 

Milwaukiesnd Mississippi. . 
New London, Williinantie 

and Palmer 

Racine and Mississippi 

Northern Ogdensburg 

Great Western. 111. (old).. . 
Chicago, Alton & St. Louis. 

There will also be found in the following pages a number of smaller 
roads, with bonded debts much larger than their capitals, nearly all 
of which, together with the above list, are in default with their inter- 
est coupons, and in danger of foreclosure. The charges to construction 
account for interest, discount on bonds, salaries, and other expenses, 
range with more than two -thirds of the roads under review, at from 
$2,000 to $7,000 per mile. The following is the 

Cost per Mile of Railways in Different States of the Union. 

Lmgth miles. Cost per mile. 

Maine 555 $31,1901 

New Hampshire 560 30,170 | Ay g £ 

Kt usetts . ::.::::." ::: lj il SSSr v*-^ $36,328 

Rhode Island 64 43,308 1 P er mile - 

Connecticut 654 30,577 J 

New York 2,695 38.034) 

S 6W iES; 2 «m i'sfl A ver - 6 Middle States, 

Pennsylvania 2,971 49,812 . 9m mil $ 

Delaware *« 4i,«w» _„ rm :i. ' 

Maryland 792 66,676] V^mile. 

Virginia 1,411 25,980 J 



12 INTRODUCTION. 



Cost per Mile of Railways in Different States of the Union. — Con. 

Length miles. Cost per mile- 

North Carolina 760 $18,153 ) 

South Carolina 780 17,932 



Georgia 1.177 20,665 

Florida 198 23,712 

Alabama 679 20,189 

Mississippi 247 23,460 

Louisiana 393 36,381 P er mue 

Texas 205 25.000 

Arkansas 38 22,243 

Tennessee .. 1,035 21,329 J 

Ohio 2,988 35,678^ 

Kentucky 400 ^ 81 i 

Indiana 1,291 

Illinois 2,714 

Missouri 547 

Iowa 344 30,731 P er mile 

Michigan 1,032 38,340 | 

Wisconsin 822 42,551 J 



, Av. 10 Southern States, 
)■ 5,512 miles, $22,906 



OU, Olt 

S'lr? ! Av. 8 Western States, 
43 97S ^ 10 ' 13 ^ miles ' $ 36 > 333 



It will be perceived that the 30-uthern roads have been built at about 
63 per cent, of the cost of the eastern and western roads, and 56 per 
cent, of the cost of those in the middle States. The reason of this is, 
that the southern roads have been built more generally upon the 
cash plan. 

Out of the large number of reports which the compiler has had un- 
der review, he has been unable to find more than about thirty roads 
whose construction accounts are closed. The additions annually made 
to those left open range from % to 3 per cent, upon their representa- 
tive cost, showing plainly that the original construction was imperfect, 
and the necessity of providing a fund for renewals and repairs. In 
leaving this account open, managers of railways possess a license for 
expenditures for "construction," oftentimes without increasing the 
facilities for traffic. In many instances the account serves to absorb a 
large number of improper charges, and to cover up extravagancies. 
All construction accounts should be closed to a fraction, and a re- 
newal fund account opened, in which all items for new work and 
repairs of the road and outfit should be charged — receiving its credits 
by an annual appropriation from the net earnings. 

Taking the average seasons of crops, there is ample business for 
every well located road in operation ; and if the compensation charged 
by railtvays for transporting passengers and freight could rest upon 
a similar foundation for profits, that stockholders realize in banking 



INTRODUCTION. 13 

and insurance companies, the capital employed in railways would be 
remunerative and popular ; unfortunately, however, they have in the 
great majority of cases, in this country, proven failures. The figures 
below embrace the leading items derived from the traffic returns of 
the principal railways in each State for the past year. The particu- 
lars of each road will be found in the following pages under the ap- 
propriate head. 

_ ., , Net income from Net earnings Net earnings 

xaiiroaas. gross receipts. for stockholders. per mile. 

Maine 39„32 nothing $1,082 

New Hampshire 40„86 1„86 1,297 

Massachusetts 39.,55 5„39 2,698 

Vermont 31„42 nothing 864 

Rhodelsland 26„57 2„28 973 

Connecticut 40„61 4„20 1,841 

NewYork 35„78 3„58 2,834 

NewJersey 48„39 7„46 5,634 

Pennsylvania 46„37 4„68 3,671 

Maryland 43„12 4„34 3,050 

Virginia 48„00 5„73 1,556 

North Carolina 49„94 7„36 1,198 

South Carolina 44„97 6„32 1,403 

Georgia 51„0l 10„27 2,167 

Alabama 51„40 3„79 1,249 

Louisiana 47, ,61 3„31 1,963 

Mississippi 45, ,82 nothing 1,117 

Tennessee 48„72 6„32 1,532 

Kentucky 45„62 6„04 1,589 

Missouri 46„90 nothing 1,388 

Ohio 40„91 5„10 2,301 

Indiana 47„19 ...... 3„41 1,60J 

Illinois 38„34 2„17 1,869 

Iowa 37„72 nothing 1,429 

Wisconsin 38„91 " 1,432 

Michigan 35„55 1„75 2,062 

Panama 76„24 .• 26„35 29,564 



It will be seen that southern roads have greater elements for pros- 
perity than the western or eastern. This arises from two causes, — 1st, 
their tariffs are more remunerative, and have been better patron- 
ized, owing to the large crops and prosperous state of trade — the di- 
rect opposite from the state of affairs at the west; — 2d, the roads 
being built forty-five per cent, cheaper than the western or east- 
ern roads, it requires but about half the revenue to satisfy stock- 
holders. These are important considerations to capitalists, and oper- 
ate greatly to the disadvantage of all high priced roads ; for it is a 
fact worthy of attention, that with the exception of monopolies — like 



14 INTRODUCTION. 

the two roads of New Jersey — there are but few railways in the coun- 
try costing over $40,000 per mile, that have earned 6 per cent, for 
stockholders. 

The western roads — the Illinois Central in particular — are suffering 
from deep-seated errors in management. Those most conspicuous are 
the want of an adequate compensation for through passengers and 
freight, and economy in operating them.. The managers of the lat- 
ter do not contemplate making it self-sustaining until the road makes 
further progress in developing its landed property. This popular no- 
tion has led to the building of railways in the new States faster than 
the requirements of the country demanded. Many western roads, as 
well as the trunk lines they feed, contain the elements necessary to 
make them profitable, but persist in operating them at a loss during peri- 
ods of stagnation, such as they are passing through. It is a common prac- 
tice with too many companies, whose revenue just enables them to divide 
from six to seven per cent, without leaving anything for renewals. This 
is wrong, just as much as it would be for a bank to divide all its pro- 
fits, and leave nothing as an offset for losses sustained by bad debts. 
Until this is generally dene the over worked roads — particularly 
the long lines — will become decayed, and accidents and loss of life 
will be common occurrences. 

If a road, by location of route, cannot stand upon its ability to reim- 
burse stockholders for the outlay, provide for the interest upon its debt 
and lay aside a sufficient sum for renewals, the quicker its original cost 
is cut down the better, for every year's delay only brings the concern 
deeper in debt. A stockholders' road exclusively, can dictate its own 
tariff, both for freight and passengers, and it should maintain them, 
even if the people on the line are driven to an opposition of stage- 
coaches and teams. It is evident, from the falling off in net re- 
venue, that the passenger fares of the" trunk lines are too low for the 
expensive equipment provided — in fact, too many daily trains are run 
at a high speed fer the compensation from through passengers. The 
following table shows the ratio of net earnings to expenses per mile 
run of some of the principal railways. The repairs of these roads, 
in most cases, have been charged to construction account. 



INTROUDCTION. 15 



Totai,, 


Net earn'g$ 


yr mile. 


per mile. 


69„94 


90„00 


83„52 


44„00 


49„18 


72„00 


46,.96 


49„00 


83„52 


44„00 


40„90 


66„00 


55,, 61 


40„00 


73„71 


70„00 


65„96 


84,00 


53„13 


89„00 


47„33 


97„00 


47„72 


92„00 



Maintenance Repairs of equip. Fuel, 

of v>ay, per m. per mile. per mile. 

New York Central.... 33„02 15„67 21„25 

New York and Erie. . . 35„06 29„67 18„79 

Pennsylvania 22„36 17.,68 9„14 

Baltimore and Ohio... 21. ,18 21,, 12 4„66 

Pittsburg, F.W.&Chi- 35„06 29„67 18„79 

cago 18„80 14„85 7„25 

Michigan S & N. Ind. 26,42 19„4l 9„78 

Central 35„45 23„02 15„24 

Galena and Chicago... 21„80 12„46 31„70 

Chicago and H. Island. 16„ll 13,, 12 23„90 

" Burlington & Q. 15,.25 19„28 12„80 

Phila. and Reading. . . 15„60 22„08 10„04 



There are numerous railway companies whose embarrassments are 
such that the roadway and rolling stock are fast going to decay for 
want of attention and repairs. The great difficulty appears to be how 
and in what manner their affairs are susceptible of reconstruction, so 
as to meet the conflicting interests and views of the several kinds of 
creditors. A large proportion of these are deterred from being 
worked for revenue above the necessary repairs, because no move- 
ment is made to accomplish a change of organization. Among the 
number are to be found roads whose securities (taking the different 
classes at the market price) do not represent one half the value they 
might attain, if the bondholders, stockholders, and general creditors, 
would come to some understanding for a common participation of the 
profits — which should be based upon equity for all. Within the 
next five years $100,000,000 of railway bonds mature. Now, no one 
contemplates that even five per cent, of this amount will be retired 
out of the surplus means of the companies, — and this large amount 
constitutes but one-fifth of the aggregate indebtedness of American 
railways. It is obvious, therefore, that, they must either be renewed, 
foreclosed, or absorbed by capitalization ; in either of the three posi- 
tions the bondholders would retain their interest in the property, but 
only in the latter case would they have any voice in the manage- 
ment. In the present depreciated condition of railway securities, a 
renewal, or the issue of new sheets of coupons, must be attended with 
much trouble ; and if the road is sold by trustees, the stock becomes 
of no value. It is therefore, to the latter class of creditors, a matter 
of the utmost importance to their present as well as prospective in- 
terests, to meet the question at once, and adopt a plan for their own 



16 INTRODUCTION. 

protection. The longer it is delayed the nearer the company is to a 
dissolution. Stockholders should bestir themselves in time, holding 
frequent interviews preparatory to prompt and energetic action. No 
reorganization can be perfect without putting the whole of the old 
liabilities into a common (new) stock. The affairs of a company 
are then subject to the control of but one interest. To carry out a 
scheme of this kind successfully, a private fund should be raised to 
buy up as much of the mortgage debt of their respective roads as pos- 
sible. This will strengthen them in capitalizing when the time comes 
for action. To illustrate the advantages to a company, reconstructed 
upon this basis, it is only necessary to take one from the list of embar- 
rassed companies, whose liabilities are of several kinds, unable to meet 
its floating debt and interest coupons, with all its property tied up by 
mortgages and the road operated for barely revenue enough to pay 
expenses and repairs. 

The capital stock paid in is $2,800,000 

Bonded debt, 1st mortgage $1,200,000 

2nd " 1.000,000 

3rd " 900.000 

Income bonds 500,000 3,600,000 

Floating debt and past due coupons 700,000 

Total liabilitie* $7,100,000 

Cost of 150 miles of road , $5,860,000 

Rolling stock 1,000,000 

other assets, (no value) 300.000 

$7,100,000 

Here is a road that has advantages to earn $800,000 per annum, 
but in consequence of embarrassments and want of facilities its re- 
ceipts are but about $600,000, at a cost for expenses of perhaps 70 per 
cent., when they should be but 55, yielding but $280,000 in net earn- 
ings. At the same time, its annual interest is $336,000, upon which it 
is in default upon all, except the first mortgage upon a single section of 
the road, and upon this it has to crave indulgence, because of its 
pressing floating debt, nearly all of which is past due, while much 
of it is in suit and some in judgment. These embarrassments are grow, 
ing daily more formidable, while the capacity for revenue is weakened 
by the state of the road-bed and dilapidated condition of the rolling 
stock, until finally the receipts are so small that they will only pay 
running expenses. The whole interest by this time is in default, and 



INTRODUCTION. 17 

the concern bankrupt. Meantime assurances of better times ahead 
keep the bondholders passive for a time. At this stage of the com- 
pany's credit, its securities have sunk so low as to be worth in market 
about the following prices : 

$1,200,000 1st mortgage bonds, 50 $600,000 

1,000,000 2d •< 35 350,000 

900,000 3q " 20 180,000 

500,000 income " 10 50,000 

2,800.000 stock 2 56,000 

700,000 claims against company, 40 per cent 280,000 

Market value of 150 miles of road and outfit $i,516,000 

Now suppose the different classes of bondholders were to meet with the 
shareholders and creditors and adopt a plan for putting all the bonds» 
debts against the company, and old shares into a new stock, that shall 
represent the true value of the road and equipment, — based upon 
capacity as well as advantages for revenue, how will the various 
interests be reconciled "? Nothing is more simple. A road, even, that 
has advantages for a traffic of $800,000 per annum, is worth but 
$25,000 per mile, for a new one can be built for that sum. This would 
amount to $3,750,000 for the road ; and with $450,000 for the equip, 
ment, the total cost to the new company for both would be $4,200,000* 
which would be represented by 42,000 shares at $100 each — 
Distributed as follows : 

To the holders of the 

$1,200,000 1st mortgage bonds 

1,000.000 2nd " ....... 

900,000 3d " 

500,000 Income bonds 

700,000 Floating debt 

2,800,000 Old stock 



at 90 and coupons 

at 70 , 


930.000 
630 000 


at 50 


2.50 000 


at 70 


490 000 


at 25 


700 000 







$4,200,000 

A new company organized after this plan, the road having the 
power to earn the first year $800,000, running expenses at 55 per 
cent., and extraordinary repairs $60,000, would yield in net earnings 
$300,000, or 7„14 per cent, upon the capital. From this a dividend 
of 7 per cent, might easily be paid ; and the stock would not only be 
saleable, but would command in market at least 80 per cent, the first 
year, and steadily enhance in value as the revenue of the road in- 

2* 



18 INTRODUCTION. 

creased. The position of the different classes of creditors by the 
change would be thus : 

Liabilities, ^d against Exchanged for stock 

the old company- in the new company. 

Value of 1st mortgage bonds $600,000 $960,000 

2d m and back int. 350.000 744,000 

3d " 180,000 504,000 

Income " 50.000 200,000 

Old stock 56,000 560,000 

Floating debt 280,000 422,000 

* Market value $1,516,000 $3,390,000 

The fidelity of the picture here drawn, is borne out by the fact that 
there exists no less than seventy-five railway companies in the United 
States whose present condition is analogous to it. viz. : 4 in Maine, 5 
in New Hampshire, 8 in Vermont, 6 in Massachusetts. 2 in Connecti- 
cut, 12 in New York. 1 in New Jersey. 6 in Pennsylvania, 3 in Ken- 
tucky, 11 in Ohio, 4 in Indiana. 6 in Illinois. 5 in Wisconsin and 2 in 
Iowa. 

To render railway investments popular and remunerative, a complete 
reform is necessary in the management. The whole system of con- 
ducting the affairs of the principal roads of the United States has 
been wrong from the beginning. For this the stockholders are deserv- 
edly the sufferers ; and one great cause of official misconduct is that 
the stockholders, after an election do not meet often enough to inform 
themselves of the acts of their directors. 

Frequent stockholders' meetings are necessary in order to secure an 
interchange of opinions and views respecting past and future manage- 
ment, and if unsuccessful the opportunity will then be afforded to 
hold the officers to a strict accountability. If, by ignorance, or by 
usurpation of power the road makes no returns, such officers can be 
removed, and suitable by-laws made to secure efficient management. 
As owners, they should feel that their interests are paramount to those 
oi the managers and employees : and talent and integrity should be 
secured and paid for accordingly. With a competent and honest 
board, composed of a sufficient number to prevent the formation of a 
clique, the interest of stockholders would generally be safe in their 
hands. But it is painful to see how these interest? have been 
perverted in the management of nearly all the large railways for 
private gains. 



INTRODUCTION. 1 9 

In the transfer of power from the council board to the ex- 
ecutive, great care is required lest incompetent management 
should be the result, in which all companies must share more 
or less until attested by experience. This can generally be deter- 
mined in a very short time if the directors, in turn, do their duty. 
There should be no difficulty in selecting a president who is qualified, 
by that experience and integrity that is sure to secure success in 
any other department of business — even if compelled to make choice 
outside the board. His duties should be performed — after keeping 
the road and outfit in proper order — with a view to remunerate the 
stockholders annually for their investments, leaving all personal feel- 
ing or private money making considerations, by virtue of his position, 
aside. With a president possessing business qualifications of a high 
order, it is not a difficult matter to apply them to railway management 
with success; and one who has the real interest of the road at heart — 
is honest, watchful and energetic, will always have around him 
able and devoted assistants, in every department. Various plans have 
been suggested to ensure an honest an economical administration of 
American Railway Companies. In several of the States they are 
subjected to annual examinations from railway commissioners, and to 
sworn forms for returns, but in a large portion there is no law to 
compel an annual exhibit of their internal affairs. To remedy all 
the evils consequent upon improper management would be impossi- 
ble ; nothing but rectitude and competency on the one side, and remu- 
nerative tariffs on the other can accomplish it. No railway stock 
however eligibly situated the road may be for revenue, should be 
regarded as a reliable investment without some of these attributes 

From the wicked and corrupt management of many Western roads ; 
the utter disregard of stockholders rights and interests in the recent 
warfare of the four trunk lines, and the disastrous results to railway 
investments generally, has awakened a feeling upon the subject which 
requires a remedy for the future. In the present loose manner in 
which elections are conducted and proxies given out, it seems almost 
impossible to secure an impartial, competent and honest board of di- 
rectors. This would seem to suggest the necessity for a board of con- 
trol, confined chiefly, however, to the railways of each State, but so 
constituted by a convention of railway managers, as to comprise the 



20 INTRODUCTION. 

principal trunk lines, east and west, and their important tributaries, 
with full powers to regulate tariffs and punish infractions, but 
leaving local interests to each separate board. Had a voluntary 
board been constituted, regulated by simple, stringent and just rules, 
especially in controlling and regulating upon a basis of equality, com- 
peting interests, the ruinous tariffs for freight and passengers upon 
the four trunk roads might have been avoided, and the property of 
stockholders saved to the extent of many hundred thousand dollars. 
It is not designed, by suggesting a board of control, to take away 
the powers conferred upon the board of directors, but to be the ar- 
bitors of all questions involving a reference to equitable right, and 
these cases would be numerous between companies under the as- 
sociation, as well as between certain interests in local boards. It 
could watch over the finances of the associated roads, enforce the 
observance of wholesome rules and regulations, and prescribe uni- 
form reports and certify to them before publication. Until some- 
thing of the kind is introduced, the railway interest, which is so im- 
portant an element in the capital of the country, must continue de- 
preciated, and investments in them remain unpopular. 



STOCKS 



DEALT IN AT THE 



NEW YORK STOCK EXCHANGE. 



Exhibiting the Earnings of some of the principal Railways, 
and the Per Centage of Net Profit for Stockholders, 
brought down from the last Annual Reports of each Com- 
pany, to June 1, 1859. 



CANTON (LAND) COMPANY. 

The transactions in this stock are now quite limited, in comparison to those a few 
years since. Then it was one of the leading fancies, and at that time regarded 
by many as having but little value. But like most large tracts of land adjoining 
or contiguous to large cities, the real estate of this company, which only a few 
years ago was a suburb of the city of Baltimore is now a portion of the city pro- 
per, has risen largely in value with reasonable grounds for higher prices for its 
best located lots. Those knowing its prospective value the best, have retained a 
portion of their interest, but by far the largest part of the original proprietary in- 
terest has been sold during periods of depression in the stock. A few years ago 
the affairs of the company were reconstructed, the capital fixed to $100,000, 
and the par value of the shares reduced to $20. By a recent law the directors 
are permitted to invest all its available revenues in its own stock, cancelling the 
same for the benefit of the company, — thus greatly enhancing the value of the 
outstanding shares. Two thousand shares have been bought and cancelled since 
January, 1858, in lieu of dividends ; and under the operations of the plan, which 
is in the nature of a tontine, the quantity of the stock must become materially 
reduced every year by cancellation. This will cause it to rise in the competition 
for it — between the public and the company. 

Statement of Receipts and Expenditures for the Year Ending 
May 31, 1859. 

Receipts. Expenditures. 

Rents of dwellings and I For Canton stock cancelled 

farms $8,082 95 | (now amt'ing 2,000 shares) $19,676 18 



Ground rents 1,140 89 

Wharf rent 4,039 70 

Brick yard rents 2,704 63 

Storage at bonded ware- 
houses 3,849 05 

Sales of real estate 23,850 84 



Building warehouses. .... 4,004 70 

Collector of Customs for 
services of officer at bond- 
ed warehouse '. 1,095 00 

U. S. Trust Co.— Transfer 

agent 1,200 00 



22 



STOCKS DEALT IN AT THE 



Statement of Receipts and Expenditures for the Year Ending 
May 31, 1859.— Continued. 



Receipts. 

Sale of Annuities 

Sales of wood 

Interest 

Paving on Clinton street. 



Cash in bank, June 1, 1858, 



1,200 00 
199 96 
286 25 
404 09 



$45,758 36 
2,680 63 



$48,438 99 



Expenditures. 

Taxes 

Paving , 

Port Warden, for dredging 

Dividends 

Building wharves 

Filling in wharves, opening 

streets, &c 

Salaries, including $1,200 

due previous year 

Miscellaneous expenses. . . 



Cash in bank, June 1, 1859, 



3,488 54 
623 76 
459 00 
252 00 

2,500 00 

2,100 91 

7,200 00 
3,655 86 

$46,295,95 
2,143 04 

$48,438,99 



CENTRAL RAILROAD NEW JERSEY. 

The annual report for .the fiscal year ending May 1, 1853, will be found on 
page 85 . 

The receipts for the year ending April 1, 1859, were $870,953 

Operating expenses and repairs (40„14 per cent.) 350,281 

Net earnings, 59,,84 per cent $520,672 

From which deduct State tax $23,860 

Interest 256,672 

Purchase of bonds 20,650 

Depreciation 19,490 

$320,672 

Leaving, as net earnings (10 per cent, upon the stock) $200,000 

which is the declared dividend for the year. 

Monthly Receipts. 

Nov.. 1858.... $72,992 Jan., 1859. . .. $61,145 Mar., 1859. .. . $75,164 

Dec, " 79,617 Feb., " .... 65,809 April, " ... 81,825 

May, 1859. . . . $84,136 

The increase in earnings which for April and May, 1859, over the same period 
in 1858 is $22,075 would indicate a profit for the fiscal years of 1859-60, of 14„28 
per cent, for the stockholders, provided the per centage of increase continued in 
the same ratio (15„32 per cent.) for the remainder of the season. 



CHICAGO, BURLINGTON AND QCJINCY RAILROAD. 

The repo rt of this road for the fiscal year ending April 30, 1858, may be found 
on page 135 . That for 1859 has not yet been published. Estimating the same 



NEW YORK STOCK EXCHANGE. 23 

per eentage of expenses as in 1858, the operations for the fiscal year, just closed, 
will be as follows : 

Gross earnings, as reported semi- officially $1,173,481 

Expenses, 46 per cent 539,801 

Net earnings 54 per cent $633,680 

From which deduct Interest same, as 1858 $213,780 

Taxes " " 30,654 

Peoria and 0. R. R 22,668 

267,102 

Equal to 7„91 per cent, on the stock $366,578 

Monthly Receipts. 

Dec, 1858. . . . $84,778 Feb., 1859. . . . $68,234 April, 1859. . . . $92,669 
Jan., 1859.... 61,196 Mar., "... 90,064 May, " .... 102,600 



CHICAGO AND ROCK ISLAND RAILROAD. 

The full particulars of the report ending June 30, 1858, will be found on page 
72. The gross earnings, as they have been corrected for the nine months ending 

April 1, 1859, are $674,740 

April and May earnings, telegraphed 142,188 

June earnings, estimated 74,000 

This will give the total gross receipts for the year $890,928 

The operating expenses were from 1st July to 31st December, 1858, 
54, ,61 per cent, of the gross receipts ; estimating them at the same 
rate for the balance of the fiscal year, would amount in the 12 
months to $495,445 

Leaving net earnings for the year $395,483 

* From which deduct : 

Interest upon $1,397,000 bonds $97,790 

Rent of Bureau Vallev Railroad 125,000 

$222,790 

Equal to 3, ,08 per cent, on capital stock $172,693 



CLEVELAND, COLUMBUS AND CINCINNATI RAILROAD. 

The figcalyear of this company closed on 31st December, 1858; for the report of 
which see page 209. 

The receipts from January 1st to June 1st are $408,810 

Estimating the same per eentage of expenses as in 1858, (51 per ct.) 208,493 

. Would give in net earnings for five months $200,317 

From which deduct Interest on debt 1,342 

Leaving for the stock at rate of 9„78 per cent, per annum $198,975 



24 • STOCKS DEALT IN AT THE 



CLEVELAND AND TOLEDO RAILROAD. 

The report of this company to 1st May, 1858, will be found on page 44. 
The monthly earnings, for the fiscal year of 1859 have been reported, as follows : 

1858, May $68,625 1858, November, $75,620 

June 57,293 December 70,750 

July 53,565 1859, January 59,637 

August 59,502 February 59,937 

September... 84,383 March 75,330 

October 81,120 April 62,050 $807,812 

Deduct discrepancy $9,656 

Earnings for 1859, viz :— Passengers $4?5,537 

" " " freight and mails 312,618 

$793,156 

Deduct operating expenses (48„08 per cent ) $383,699 

" rent C. C. and Cincinnati railroad 66,000 449,699 



Net earnings (43„66 per cent) $318,457 

From which deduct : 

Interest on bonded debt $268,990 

" " floating " 38,392 

Sinking fund 38,000 $345,382 

Net profits for stockholders : $3,075 

equal to 92-100 of one per cent upon the capital stock. 

Floating debt in 1859, $358,605 exclusive of $225,524, due the sinking fund. 
Bonded debt same as in 1858. 



. CLEVELAND, PAINESVILLE AND ASHTABULA RAILROAD. 

The stock of this road is but little operated in at the Board, — most of the pur- 
chases being for investment. The character of the stock, like those of the Cleve- 
land, Columbus, Cincinnati and Little Miami roads, is sustained by the regular 
dividends earned and paid semi-annually. The report for 1858 will be found on 
page 467. The receipts since January 1, 1859, are omitted, because the net earn- 
ings upon the stock show for the year but a slight variation, thus far. In 1858 
they were 18„34 per cent, against 16,,68 in 1857. The road is eligibly situated 
for traffic and must continue to earn a large profit for its stockholders. Dividends 
of 15 per cent, in 1857, and 20 per cent, in 1858, 10 in cash and 10 in bonds. 



CLEVELAND AND PITTSBURG RAILROAD. 

The report of this road will be found on page 300. The business since De- 
cember 1, 1858, the commencement of its fiscal year, shows an increase in every 
department over the previous year for the same period. Its floating debt and 
back interes are being quietly arranged and paid off, in the assets of the company 
acd in freights at fall rates. In this way the company expects to work its 
way out of debt ; pay the interest upon its bonds regularly, and earn some- 
thing upon the stock. Its president has been bred a merchant, (now a banker,) 
and brings to the aid of the road experience, energy and integrity, the very 
qualifications necessary to restore its credit and to accomplish what was original- 
1 • oonteaiplated — a dividend paying road. 



NEW YORK STOCK EXCHANGE. 25 

DELAWARE AND HUDSON CANAL COMPANY. 

The annual report of this company may be found on page 422. Its business 
for the fiscal year is brought down to the 1st March, which is as late a« publish- 
ed. For many years the stock has been extensively dealt in, both for speculation 
and investment — the company having always paid semi-annual dividends. 
Its profits have decreased since 1857, owing to the falling off in the coal trade 
consequent upon the stagnation of business and the two mild winters of 1858 
and 1859, which, no doubt, affected the marked value of the stock. The 
net earnings upon the capital stock were 9,, 14 per cent, for the year ending Feb., 
28, 1858, against 5g in 1859. For the three months in 1859, the increase in 
coal deliveries has been as follows : 

Coal shipped for the season in 1859 71,417 tons. 

1858 36,919 " 

Increase 34,498 tons. 

or 93£ per cent. 

This, however, is not a fair criterion for the whole year, but illustrates the be- 
nefit to this as well as other coal producing companies, of increased demand for 
coal, by which its stock will be enabled to take its old position in market again. 



DELAWARE, LACKAWANNA AND WESTERN RAILROAD. 
For full reports see pages 76 and 447. • 



GALENA AND CHICAGO RAILROAD. 

The stock of this road has been a favorite, both for investment and speculation. 
During the last eighteen months its value has steadily declined, owing to the loss 
of business, from bad crops along its line, and a general stagnation of trade in 
the Western States. Its fiscal year closed on the 31st Dec, 1858, the report of 
which will be found on page 351. Its net earnings on the stock in 1858 were 
5„84 per cent., but since the 1st January, 1859, they are much smaller, as the 
following will show : 

Receipts from 1st January to May 31, 1859 $425,164 

Operating expenses, same per centage as in 1858, 59, ,85 per cent. . . . 254,461 

Net earnings for five months, 40„15 per cent $170,703 

From which deduct interest on debt $110,333 

Sinking and Improvement Funds 26,280 136,613 

Equal to 1„42 on the stock per annum $34,090 

Monthly Receipts. 

Jan., 1859. . . . $63,256 Mar , 1859. . . . $86,408 Feb., 1859.. . . . 66,138 
April, 1859. . . . $90,041 May, 1859. . . . $119,321. 



HARTFORD AND NEW HAVEN RAILROAD. 

The report for the fiscal year ending August 31, 1858, will be fouud on page 
216. The compiler is not in possession of the whole earnings since that period, 



26 STOCKS DEALT IN AT THE 

but the receipts, as far as known, would indicate an increase during the nine 
months of the present financial year, equal to those of 1867, which, with the 
economy introduced, will give in net profits about 15 per cent, upon the stock, 
against 11„41 in 1858 and 14| in 1857. The road pays annually 10 per cent, 
dividends, and sustains a high reputation for a reliable and safe investment. 



HUDSON RIVER RAILROAD. 

A report of tbe earnings upon its stock, which were at the rate of two per cent, 
per annum, for the six months, ending Mareh 31, 1859, will be found on page 



ILLINOIS CENTRAL RAILROAD. 

On page 385 will be found a full report of this road. The deficiency of re- 
venue from traffic to meet charter tax, rent of Joilet Cut-off road, and the inter- 
est upon indebtedness, is as follows : 

1855 $707,129 1856 $789,558 

1857 1,540,431 1858 1,214,795 

Total in four years $4,251,918 

To bring the deficiency down to June 1, 1859, it will be 
necessary to estimate 

5 months interest on debt, same as in 1858 $573,545 

5 " charter tax " " " 55,010 

Rent Joilet cut-off railroad " " " 9,165 

Charges upon the income account, five months. . $637,720 

From which deduct : 
5 months earnings of road (semi-officially) $715,157 
Less operating expenses, same per centage- 

as in 1858 507,280 207,877 429,843 

Total, loss in operating the road in four years in five months.. $4,681,756 

In the same ratio, for the balance of the yaar, the deficiency will be $1,002,967 
to be made up byjhe land department. As the interest money has to be paid 
faster than collections can be made from sales of lands, the proprietary interest 
(the stockholders,) have been appealed to by the managers, to provide the money 
to carry on the concern. The recent circular put forth by the company, both 
here and in London, sets forth the importance of raising the means to liquidate 
$3,000,000 free land bonds which will be due Sept. 1, 1860, and the annual defici- 
ency of revenue with which to make both ends meet. They propose to allow the stock- 
holders to pay up the unassessed installment of $40 now due on each share issued, 
which will give the company $7,000,000 ; and as an inducement they are to re- 
ceive full paid certificates with an interest coupon of $4 attached, equivalent to 10 
per cent, upon the $40 paid, or 4 per cent, annually upon the whole capital stock. 
It is also proposed to set apart a fund for the payment of interest by placing in 
trust the $2,657,087 free land notes held by the company, which notes, with the 
proceeds of the land 149,186 acres unsold, will, it is said, afford ample provision for 



NEW YORK STOCK EXCHANGE. 27 

interest until dividends are earned upon the stock. This will depend upon the econo- 
my in working the road, and it must be many years before it can be self- sustaining. 
Admitting the $7,000,000 to be prompty paid in, it will be seen by past experi- 
ence in operatiug the road, that nearly the whole sum will be ab-sorbed by the 1st 
January, 1861, in redemption of the Free Land Bonds, and in paying the floating 
debt which the company is obliged to create from time to time to meet the semi- 
annual deficiency referred to, unless the receipts of the road in 1869 and 1860 
reach $4,000,000 each year at an expense of operating it of 50 per cent. 



LA CHOSSE AND MILWAUKEE RAILROAD. 

An analysis of several reports of this company will be found on page 438. It 
does not, however, embrace the official statement of its affairs for the year 1868. 
A continuance of the examination only discloses the fact, that a portion of the 
Board of Directors who were elected to guard the interest of stockholders from a 
repetition of mismanagement of previous administrations, have not only plunged 
the concern deeper in debt, but were found conniving with certain members of the 
old boards to obtain possession of the road for the avowed purpose of depriving 
the shareholders of their right to the road. Among the items constituting the 
increase of liabilities between January 1, 1858, and January 1, 1859, is a third 
mortgage put upon the whole 200 .miles of road. " From what has transpired in 
the division of the bonds secured by this mortgage among the few, there is 
no tangible evidence that the company received any consideration for them worth 
naming. None of the reports throw any light upon the prospects of the road for 
revenue ; its financial condition ; how much of the lessee's debt has been paid, or 
any information that is of any use to stockholders, but on the other hand they 
exhibit, by comparing one with the other, the most barefaced frauds that misre- 
presentation can invent. 

As stated on pages 440 and 441 the increase in 'liabilities have been as follows : 

Between January 1st and December 31, 1857 $11,460,291 

1,1858 and" " 1858 3,355,320 

1, 1859 and June 1, 1859 300,000 

$15,115,611 
Less amount expended on road 3,630,000 

Total amount misapplied $11,485,611 

From which deduct accounted for in obtaining land grant and con- 
solidation with the M. and W. R. R. Co 3,050,000 

Leaving unaccounted for $8,435,611 

Now the sworn statement of its officers, to the State law, prescribing the form 
for annual reports, is as follows : 

Cost of road : Right of way $97,695 

Grading and bridging 3,561,446 

Iron 1,661,662 

Buildings 102,995 

Other purposes 14,083,424 

$19,507,222 

To make the frauds in the construction of this road more glaring, it is only 
necessary to give the principal items of cost in comparison with those of the Mil- 
waukee and Mississippi — its competitor for the through business. 

Right of way, Grad'g fy bridg'g, Iron, Buildings, Other pur- 
per mile. per mile. perm. pt.r mile, poses perm. 

La Crosse & Milwaukee $4S8 $17,807 $S,303 $315 $70,417 

Milwaukee & Mississippi 933 8,000 9,652 2,459 



28 STOCKS DEALT IN AT THE 

It is the item of " other purposes" that the stockholders desire to investigate, 
and by right they should know what has become of the enormous amount unac- 
counted for. If it has been squandered or appropriated by bogus contracts ; frau- 
dulent bills for materials and supplies ; exorbitant commissions, salaries, and 
perquisites ; gifts of stocks and bonds for services alleged to have been perform- 
ed, the reports should show it. These, however, might amount in the aggregate 
to many hundred thousand dollars, but not to millions. The new Board of Direc- 
tors, representing a large majority of the stock, are pledged to ascertain, if possi- 
ble, the details of the debt against the company for which judgment was confess- 
ed to Selah Chamberlain who received the proceeds of the 20,000 shares of stock 
discharged from the Home Office, and put on the market in New York in the 
early part of 1857 : why about $1,700,000 of its securities were slaughtered for 
debts of $330,000 by its own directors ; why some of the 2nd mortgage bonds on 
the eastern division were exchanged at par for stock with persons occupying cer- 
tain positions with regard to the company, and what amount of the proceeds of 
this $1,000,000 negotiated in the summer of 1857 went into the treasury, and 
how much was realized from the sales ; the necessity of creating the third mort- 
gage to liquidate pressing debts, when it was known the credit of the company 
was so low they would not realize 10 cents on the dollar; the nature of the 
olaims against the company they were the instruments of retiring ; the net pro- 
ceeds accruing to the company from what was exchanged, hypothecated and 
sold ; and finally a searching investigation into all transactions connected with 
the fiscal agency in New York, prior as^ well as subsequent to the resignation of 
S. H Alden. 

The earnings for the year were $491,288 

Expenses. — Repairs, road and equipment $116,376 

Fuel 17,554 

Taxes 5,688 

Interest on bonds 182,282 

Wages to employees 78,521 

Other purposes 35,878 

436,299 

Net earnings for lessee $57,989 

The company received from other sources than traffic 

by sale of securities $73,661 

Rents and tolls : 1,166 $74,827 

And paid out in salaiies, exceeding $1,000, in amount, $34,420 

Notwithstanding that there has not been a dollar in the treasury to meet the 
demands of creditors, without the control of the earnings of the road or an income 
from any source, the salaries of the president, $6,000, manager, $3,300, cashier 
$1,750, secretary and treasurer $3,000 and others in proportion to the extent 
of the amount above stated, have been paid. 



LITTLE MIAMI RAILROAD. • 

The stock of this road holds deservedly a high position with capitalists as a re- 
liable dividend paying security, and is seldom bought and sold. The report for 
the fiscal year, ending December 1, 1858, will be found on page 362 
The receipts of the joint line for the half year ending 31st May, 

according to the semi-official returns, is $547,707 

Same per centage of operating expenses as in 1858, 50„02 284,369 

would give the net earnings for six months $263,338 

Deduct six months interest on bonds $52,970 

■• taxes, loss and damage 9,988 $62,958 

Net profits for six months $200,380 



NEW YORK STOCK EXCHANGE. 29 

Proportion of profits for the Little Miami company, $133,587, equal to 4,, 48 
per cent on its capital, or at the rate of 8„96 per cent, per annum. The first six 
months business of the line comprises about 40 per cent, of the traffic for the year, 
and it follows that even with no increase of earnings for the balance of the season 
over the corresponding period of last year and with the same expenses, the road 
will earn for its stockholders 10| per cent, dividends in 1859, against 11, ,47 per 
cent., in 1858, and 9„47 per cent, in 1857. 



MACON AND WESTERN RAILROAD. 

This is a dividend paying road and the stock is held in much esteem. The report 
for 1858 will be found on page 214. The increase in traffic for the half year to 
31st May is about 33 per cent, over the same period in 1858, which will, in the 
same ratio of increase for the balance of the fiscal year, give the stockholders as 
net earnings, after paying interest upon the small debt of the company, 13„60 
per cent, against 10„76 in 1858. 



MICHIGAN CENTRAL RAILROAD. 

The annual report for the fiscal year ending 31st May, 1858, will be found on 
page 53. The report for the year just closed has not been published. The earn- 
ings for the year, as semi-officially reported, are .' $1,842,671 

Operating expenses, same per centage as in 1858, 63 per cent 1,160,083 

would leave as net earnings for the year $682,588 

From which deduct interest on debt 636.937 

Net profits for the year " $45,651 

or, 0,,75per cent, upon the capital stock, against 3„05 in 1858. • 



MICHIGAN, SOUTHERN AND NORTHERN INDIANA R. R. 

The annual report of this company for the fiscal year ending 1st March, 1859, 
will be found on page 453. The net income from the earnings of the road upon 
the old stock in 1856 was 6,,30 per cent. ; in 1857, the defficiency was 5„43 per 
cent, upon the old and guaranteed ; in 1858, the income upon the guaranteed was 
0„45, leaving nothing for the old. The receipts of the road for April and May > 
in 1859, were $280,661 against $405,569 in 1858, a decrease of 31 per cent. 

1856. 1857. 185a 

Receipts $2,714,848 $2,193,687 $1,019,422 

Expenses 1,598,770 1,652,300 1,269,153 

Net earnings $1,116,078 $541,387 $750,275 

Percent. Percent. Percent. 
Net income from gross receipts 41. .32 24„61 34„10 

3* 



30 STOCKS DEALT IN AT THE 

To illustrate the value of the two kinds of stock, with the present prospects of 
the road for traffic, the following figures will show what must be the receipts 
of the road and the annual charges for interest, rent and sinking fund, to income 
account, amounting to about $800,000 per annum, to pay dividends, and how re- 
mote is the prospect for earning them. 

Operations of the Road : 

^^refJpLZTef Operating expenses. For guaranteed stock. For old stock. 

$2,300,000 61 per cent 2„60 per cent. Nothing. 

2,600,000 59 " 8„45 

2,725.000 59 " 10„00 

3,000,000 58 " 10„00 " 7„S9 per cent. 



MILWAUKEE AND MISSISSIPPI RAILROAD. 

The business of this road closes with the calander year, a report of which will 
be found on page 270. The earnings for the five months ending May 31, as semi- 
officially given, are $262,610 

For same period in 1858, $297,755 

Estimating the operating expenses the same as in 1858, 

49„83 131,601 

would leave as net earnings $131,009 

From which deduct interest on debt $186,051 

sinking fund 23,750 

farm mortgage interest 28,892 238,693 

Deficiency for five months $107,684 

equal to 4,,04 upon the stock upon which dividends are payable, or at the rate of 
10,, 10 per annum, supposing the interest to have been promptly paid.^ 



NEW JERSEY RAILROAD. 

This stock is seldom sold at the board. It is mostly held for investment, for 
the uniform dividend of 10 per cent, which it pays annually. The annual report 
to 1st January, 18.58, will be found on page 88. 

The receipts for 1858 were $903,458 

Expenses same period 38,,44 per cent. 349,371 

Net earnings 61„56 per cent. $554,087 

Deduct interest on debt, taxes and transit duty. . 79,090 

Leaving for the stock, 13,,80 per cent.... $474,997 



NEW YORK CENTRAL RAILROAD. 

The last annual report of this road will be teund on page 63, and is^ brought 
down to 30th September, 1858. 



NEW YORK STOCK EXCHANGE. 



31 



For the eight months, ending 1st June, the gross earnings of the 
road, as reported, have been . . $3,860,656 

By estimating the operating expenses at the same as they were in 
1858, 53„40 per cent 2,061,590 

would leave net earnings for the eight months $1,799,066 



From which deduct 8 months interest. 

** " sinking fund 

Loss on steamboats (av. 2 years) 



$650,795 
75,529 
79,354 



$805,278 



gives for net earnings for 8 months, at the rate of 5^ 
per cent, per annum $993,788 

With the unremunerative tariffs during the past six months, it is reasonable to 
suppose the operating expenses to be much larger than the average of last year. 
By estimating the operating expenses at the several per centages below, the 
reader can see the net profits on the stock, — thus if the road was operated as 
oheaply as last year the net profits for the stock would be 5£ per cent., but if it has 
taken 70 per cent, of the earning3 for expenses, they will be cut down to 1,,52 
per cent. 



Earnings for 8 
months. 

$3,860,656 . 
Same . . 



Per centage of 
operating expenses. 

53„40 
56„00 
58„00 
60„00 
62„00 
64„00 
66„00 
68„00 
70„00 



Earnings for 
stockholders. 


5, 


,50 per annum 


4, 


,93 " 


4,49 


3 


,89 « 


3, 


,23 " 


2, 


,80 " 


2„37 


1, 


,95 « 


1„52 " 



Taking the average for operating expenses which is 62 per cent., it will 
be seen the company have, by cheap traffic, earned, thus far, in the fiscal 
year but 2,,42 per cent., which, at the same rate, for the remaining 4 months, 
would give to the stock 3,, 23 per cent, per annum, — about | per cent, less than 
the February dividend. Estimating the receipts from 1st June to 30th Septem- 
ber, 1859, to be the same as in 1858, the gross earnings 

would be for the year $6,001,350 

Operating expenses to June 1,,62 per cent $2,393,606 

" 4 months (the same as in 1858, 

53„40 per cent 1,143,131 3,536,737 

This would give net earnings for the year 



From which deduct Interest 

" " Sinking Fund 

" " " Loss on steamboats 



boats, y 



same as 
1858. 



$2,464,613 

976,192 
113,294 

118,882 $1,203,268 



$1,256,355 



Leaving for stockholders 

or, 5„20 per cent, upon $24,182,400 stock. 

Out of these estimated profits the company have already paid a dividend of 4 
per cent, leaving a balance of 1,,20 per cent to go towards that in August, 
if declared. To pay the uniform 4 per cent. August dividend, the oompany 
will have to fall back upon the surplus $1,591,326, at the credit of income account 
to the extent of $688,231, to supply the deficiency in revenue for 1859. 



32 STOCKS DEALT IN AT THE 

NEW YORK AND ERIE RAILROAD. 

The financial year of this company closed on the 30th September, 1858. See 
report page 181. The loss in operating the road to stockholders during that 
period was 7,,35 per cent, upon the capital stock of $11,000,000. Thus far in the 
new fiscal year commencing October 1, 1858, the business has been more disastrous, 
partly from the ruinous competition of the past five months. 

The earnings, as semi-officially reported for eight months from October 1, 1858, 

to June 1, 1859, have been $2,986,357 

Operating expenses same as 1858, 76,,82 per cent 2,293,392 

This would leave in net earnings $682,965 

The interest for eight months, provided it had been punctually paid, would 
have been as follows : 

On bonded debt $1,246,834 

floating" 95,707 

coupons since 1st Oct 40,660 

for taxes 41,505 $1,424,706 

Loss in operating the road for 8 months $731,741 

equal to 6, ,65 per cent, upon the capital stock, and 8,, 87 per cent for the year, 
provided the road does no better or worse, during the remaining four months of 
its fiscal year. 

The credit of this company is now much prostrated, and its securities greatly 
damaged by decreased revenues. The proportion of capital stock to its other lia- 
bilities being so much smaller than the average of railways may be one reason why 
steps have not been taken to re-organize the company upon a new basis. As its 
finncial condition is fast approaching a crisis, some movement on the part of stock- 
holders would appear necessary, if they desire to preserve their own interest or 
that of the unsecured creditors The present market value of its securities, as 
appears below, is conclusive that a reconstruction of its affairs is feasible, and as 
it would put new life into the concern by increasing the representatives of its 
value, the project would, doubtless, meet with considerable favor. The proper- 
ty is worth to a new company about $25,000,000, as it would yield a fair return 
for that amount — divided as follows : 

Road <• $20,000,000 

Epuipment and materials 2,500,000 

Real estate and assets 1,400,000 

Sinking fund 1,100,000 $25,000,000 

Represented by 1st mortgage bonds $3,000,000 

2nd " " 4,000,000 $7,000,000 

Capital stock 18,000,000 

$25,000,000 
The capital stock to embrace : 

$6,000,000 3d mortgage bonds. 85 $5,100,000 

3,020,000 4th " " 75 2,267,000 

10,350,000 unsecured " 60 6,000,000 

and 5th mortgage bonds. 

2,500,000 floating debt ) 60 & 75 1,883,000 

and past due coupons $ 

11,000,000 old stock 25 2,750,000 

$18,000,000 

A new organization upon this plan with the road and equipment in good order, 
and operated with economy would earn $5,000,000 per annum ; with remunera- 
tive tariffs the net earnings could be made to realize 60 per cent, of the receipts 



NEW YORK STOCK EXCHANGE. 33 

from traffic which would give $2,000,000, — deduct $490,000 interest upon the 
$7,000,000 bonds and 1 per cent, to the sinking fund and there would be left 
$1,460,000 for the stockholders, or 8 per cent, upon the capital. With these re- 
sults for one year, the stock would command 80 per cent. Such being the case, 
the market value of the old and new securities would be as follows : 

Old organization. New organisation. 

1st mortgage bonds 3,000,000 85 $2,550,000 95 $2,850,000 

2nd " « 4,000,000 71 2,840,000 90 3,600,000 

3rd " " 6,000,000 56 3,360,0001 

4th '•' " 3,000,000 35 1,057,000 | 

Unsecured 10,350.000 20 2,700,000 V 80 14,400,000 

Old stock 11,000,000 6 660,0^0 

Floating debt 2,500,000 50 1,250,000 J 

Total market value.... $14,417,000 $20,850,000 

In the formation of a new company there would certainly be less difficulty than is 
now experienced in renewing the 4th mortgage bonds ; and as to the 3rd and 4th 
mortgage bonds, the stock to be set apart for their retirement, when presented, 
would be very generally accepted, while the holders of unsecured debt would glad- 
ly exchange it for something available. 



NEW YORK AND HARLEM RAILROAD. 

The repoit of this road to the 30th September, 1858, the termination of its fis- 
cal year, will be found on page 463, together with a statement of the business for 
the six months, ending March 31,1859. The deficiency in operating the road 
for 1858 was 0,,85 per cent, upon the old and preferred stock. 

The gross receipts from traffic, haulage, rents, &c. for eight months, ending 

June 1, 1859, as semi-officially reported, are $793,510 

Operating expenses, 60 per cent, (last year 63,, 84 per cent) 476,106 

Leaving net earnings for eight months $317,404 

From which deduct interest on debt eight months 2-t0,380 

for eight months net profits $77,024 

equal to 5,, 13 per cent, upon the preferred stock, or at the rate of 
7„70 per annnm. 

The same ratio of increase in earnings for the remaining four months, would 
give for the preferred stock, at the end of the year, 8 per cent. As regards the 
old stock, which has been operated in so extensively for twenty-five years, the 
capacity of the road to earn anything of any consequence for it is very remote. 
It would require a revenue from traffic, rents, &c, of $1,600,000, at an expense 
for operating it of 54 per cent, to pay 6 per cent, to the old stock in addition to 
the interest on its debt, and 8 per cent, dividends upon the preferred stock. 



NEW YORK AND NEW HAVEN RAILROAD. 

The stock of this road was formerly a great favorite, both for speculation and 
investment. The course taken by some of the stockholders and managers with 
reference to the alleged spurious stock, so called, has rendered the stock unpopu- 
lar, and it is now seldom dealt in or even called. 



34 STOCKS DEALT IN AT THE 



E 



The report for 1858 will be found on page 105. The earnings for the fiscal 

ear, ending March, 31, 1859, were $855,994 

"xpenses, repairs, interest, <fec, same period 623.425 

Earnings for the stock, (7„72 per cent.) $231,569 

Dividend, 3 per eent. 



NORWICH AND WORCESTER RAILROAD. 

The stock of this road is another of the old fancies in which large transac- 
tions took place several years ago. Upon the introduction of the stocks of 
Western roads a few years since, it became neglected and is now regarded as a 
Boston security The report for 1858 may be found on page 177. The fiscal 
year for 1859 has just closed. The gross receipts from June 1, 1858 to May 31, 

1859, were $265,314 

Operating expenses, same per centage as in 1857, 70, ,66 185,717 

Net earnings $79,597 

From which deduct interest on debt 48,405 

Leaving for the stock 1,,47 per cent $31,192 



PANAMA RAILROAD. 

A full report of this company for the year ending 31st December, 1858, will be 
found on page 192. The stock of this road is greatly esteemed for its extraordi- 
nary advantages for revenue, and although located in a foreign territory, it at- 
tracts the attention of capitalists, both here and in England, by its dividends, 
which, however, as will be seen by an inspection of the report, do not increase in 
the same ratio as the net profits upon the stock. This is explained, in part, by 
the sums set aside for depreciation and the contribution to the sinking fund. The 
company, are retiring, as fast as possible, their sterling bonds, $750,000 of 
which become due December 1, 1859 The net profits for the stock for 1858 were 
26,, 35 per cent, against 23,, 03 in 1857 and 19,, 00 in 1856. The increase in the re- 
ceipts of the road from the 1st January to 1st June, 1859, are understood to be 
about 22 per cent, over the corresponding period for 1858. This would indicate, 
provided the road is operated at the same per centage as in 1858, (23,, 76 per 
cent.) a net income on the stock for the current year of 1859, of 30 per cent. The 
annual dividends, since 1855, have been uniform at 12 per cent, payable semi-an- 
nually. The surplus profits undivided on the 1st Jan., 1859, were equal to 13„74, 
and 1st July, 1859, 14, ,10 per cent, upon the capital stock of the company. 



PENNSYLVANIA COAL COMPANY. 

Amount received for sales of coal to May 1, 1858 $2,202,250 

M " " transportation " " 37,259 

Coal on hand " " 141,470 

$2,380,979 



NEW YORK STOCK EXCHANGE. 35 

From which deduct coal on hand and cost of mining, 

1857 $622,365 

road expenses 549,209 

canal freights 548,981 

tolls Delaware & Hudson Canal Co. 396,949 

Port Ewen expenses 44,199 

interest and tax , 47,808 

salaries and expenses 27,544 

coal yard, expenses and rents 141,457 $2,178,527 

Surplus, equal to 6, ,33 for the stock $202,457 

The report for the fiscal year, just ended, has not been published. 



PHILADELPHIA AND READING RAILROAD. 

The full report of this road may be found on page 229. The net profit upon the 
old stock for the year ending Nov. 30, L858, was 1„11 per cent. This was the re- 
sult of a year's business, when a general stagnation seriously effected the coal 
tirade, and the company was laboring under pecuniary embarrassment from a large 
floating debt. The interest has been promptly paid, as well as a 6 per cent, an- 
nual dividend on the preferred stock. The net profit on the stock in 1857 was 
5„39 per cent., against which a dividend of 4 per cent, was paid upon the old. 
The business of the road has materially improved since the commencement of 
the new fiscal year, Dec. 1, 1858, as the following will show: 

Net profits $510,866 

From which deduct : 

Six months interest on debt, same as 1858 $369,851 

Taxes " " 9,195 

Sinking fund " " 75,000 

Dividend on preferred stock 54,313 $508,359 

For old stock $2,507 

The gross earnings for the 1st 6 months of 1858, were . $1,032,397 

" 2nd " " "... 1,478,363 

an increase of 43„30 per cent, between the two periods. 

At a similar rate of increase for the 2nd si x months of 1859, with the increase 
of 10 cents per ton for tolls, from and after the 1st July would give the following 
results for the year : 

Net profits 2nd six months $820,640 

Add " 1st " 510,866 

For the year $1,331,506 

Deduct Interest, same s 1858 $739,701 

Taxes 18,389 

Sinking Fund 150,000 

Dividend on preferred stock 108,626 

$1,016,716 

Applicable for dividend upon old stock $314,790 

equal to 2| per cent. 



36 STOCKS DEALT IN AT THE N. Y. EXCHANGE. 



PACIFIC MAIL STEAMSHIP COMPANY. 

The report of this company gives no insight into the business of the line for 
the past year. Its financial condition is set forth in its usual annual statement, 
and the only way to obtain the results of its operations for the fiscal year ending 
May 1, 1859, is to compare the principal items composing the assets and the in- 
creased surplus, as shown by the last report, will exhibit the net profits of the 
company for 1858-9. It is well known that since the commencement of the pre- 
sent year, the stock of this company has been subject to violent fluctuations by 
rumors touching the controversy with Com. Vanderbilt, and his opposition line, 
which is now a reality. Without facts connected with the running expenses, — 
with the present opposition, both on this side and in the Pacific, the income 
derived by operating the line can only be inferred by the surplus assets shown by 
the reports. 



Property. Report of 1858 Report o/1859. 

13 steamships, $155,354 each $2,020,472 $2,020,472 

Storeships, machinery, tools, &c 184,367 179,317 

Coal in the Pacific and in transitu 307,075 470,434 

Outfits and supplies " 114,600 129,149 

Real estate on Western coast 408,419 420,128 

Debts,— Claims on underwriters 10,000 10,000 

Cash Means,— cash 509,481 950,764 

Reserve Fund, State and Bank stocks .... 299,907 *300,888 

1,713 shares company's stock 171,300 171,300 

Cash in hands of agents 39,049 44,128 

Due from United States Government 44,775 260,000 

$4,109,145 $4,963,902 

LIABILITIES : 

Capital stock $3,661,000 $3,661,000 

Pacific Mail Steamship Company, No. 2. 14,839 

Bills payable 7,475 

Accounts 2,585 $3,685,899 

Surplus $423,246 $1,302,902 

423,246 

Gain in 1858-9 $879,656 

* Held as a reserve and unavailable for dividends. 

The company paid in dividends 10 per cent, in Nov., 1858, and 10 per cent. 
in May, 1859. 



STONINGTON RAILROAD. 

The report of this road to the 31st August, 1858, will be found on page 289. 

The receipts for the nine months ending May 21, 1859, have been. . . $161,953 

Estimating the expenses at same per centage as in 1858 90,114 

leaving as net earnings $7-1,839 

From which deduct interest on debt 16,657 

Earnings for the stock 2„70 per cent $58,182 

or at the rate of 3, ,37 per cent, per annum. 
Dividend, t\ per cent. 



THE 



CAPITALIST'S GUIDE, 



AND 



RAILWAY ANNUAL 



FOR 1859. 



BALTIMORE AND OHIO RAILROAD. 

Main Stem, from Baltimore to Wheeling, 380 miles. 

Washington Branch, from Relay House to Washington City, 30 " 

Frederick " " Junction " Frederick, 3 " 

Total, 413 " 

The North Western Virginia Railroad was leased by the Bal- 
timore and Ohio Railroad Co. for five years from 1st July, 1857, 
with the option of renewal for five years. The B. & 0. Co. take all 
the rolling stock, and pay the North Western Co. 40 per cent, of 
the gross earnings of the road. Length from Grafton to Parkers- 
burg, 104 " 

Total length operated by B. & O. R. R. Co 517 " 



Dr. 



BALANCE SHEET—MAIN STEM. 

Fiscal Year ending September 30th, 1858. 

Office, Baltimore, Md. 



Cr. 





$20,019,286 
3,538,360 

1,244,999 
235,770 

1,016,800 

1,473,796 

483,145 
8,241 

13,956 

38,340 
937,284 
390,184 


i9. Capital Stock, 

Old $10,111,500 

!10 Preferred 3,000,000 

1 11. Bended Debt 

Script not Funded 
12. Floating Debt 




2. Cost of Equipment, 

Real Estate not in Con- 
struction Account 

3. Materials and Fuel 

Stock in Washington 


$13,111,500 

j 10,668,645 

7,402 

412,483 

147,856 

5,052,275 




Washington Branch . . . 

Income Account (Profit 

& Loss) 


4. North Western Virginia 

R. R.Co 

5. Other Railroad Invest- 


6 Other Stocks 




Bonds of City of Balti- 




Debts due the Company. 














$29,400,161 


$29,400,161 



38 



capitalist's guide and railway annual. 



1. 380 miles single track on Main Stein, cost $18,470,945 about $48,353 pr. mile 
There has been expended on second track 1,548,341 

Total cost of Main Stem $20,040,236 

which, with second track and sidings, is equal to 562 miles of single track. The 
whole cost of the ro.id, equipment and real estate, is $24,802,645, or $60,875 per 
mile. 

2. Consists of 236 Locomotives, 3489 Burden and 95 Passenger Cars. 

3. Machinery department, $173, 596; road do. $62,174. Total $235,770 

4. Advances to North Western Virginia R. R. Co. $998,813 
Notes of " " " for loan 476,983 

$1,473,796 

5. Bonds of Central Ohio Railroad Company $400,000 

Due by " " " " 44,139 

" Marietta and Cincinnati '• 4,003 

Stock of Pittsburg and Connellsville " .... 35,000 

$483,145 

6. Western Telegraph Stock, $2,191; Wellersburg and West Newton Plank 

U oad Company 's stock, $5,050. Total $8,241 

7. For redemption of $5,000,000 loan $619,676 

" " mortgage debts 270,666 

" " ground rents, Camden Station, 46,942 

$937,284 

8. Cash in the hands of disbursing officers $13,246 

Uncollected revenue 304,753 

Balance in the treasury after the payment of 

$164,557, interest due 1st October, 1858 72,185 

$390,184 

9. Held by individuals $5,425,900 

City of Wheeling 500,000 

Baltimore 3.500,000 

State of Maryland 685,600 

$10,111,500 

10. The State 5 per cent. Sterling Bonds $3,000,000 

11. Bonds, Coupons, April and October, 1885 $2,500,000 

" '• January and July, 18S0 700.000 

" 1875 1,128,500 

Quarterly 1868 1,000,000 

' ' given for iron 453.333 

" CitvLoan 4,886,812 

$10,663,645 

12. Bills Payable ma luring 284,654 

Open Accounts 44.161 

Balance of Loan 1854 not presented for pay- 
ment (interest ceased) 83,668 

$412,483 



Da. 



BALANCE SHEET—WASHINGTON BRANCH. 
Fiscal Year ending September 30th, 1858. 



Ce. 



Cost of Road, Real Estate 
and Equipment.. 

Uncollected revenue 

Due by Bait. & O. R. R. 
Co 



$1,650,000 

26^50 

147,856 



$1,824,806 i 



Stock, 16,500 Shares, $100 

Annuity 

Due other roads 

Profit and Loss 



$1,650,000 

25,000 

6,406 

143,400 



$1,824,806 



BALTIMORE AND OHIO RAILROAD. 



39 



Dr. 



Operating Expen- 
ses 

Interest 

Discount on Bonds 

Rents and Tax. . . 

Two Dividends 

Loss on Freight . . 

Balance, Profit and 
Loss 



INCOME ACCOUNT— MAIN h'JEM. 



Cf. 



1857. 



1858. 



1857. 



1858. 



ill pluses, Oct. 1 . 

$2,760,785 $2,531,199 ! 1856 & 7 $3,833,072 $-1,484,210 

760,831: 788,862j Gross Earnings . .1 4,616,999] 3,85*,485 
46,405; Two Dividend-! on| 
39,859, Washington Br. 
ek 



17,818: 

40,100' 

606,579: 

115! 



Increment from 
Sinking Fund. ., 
4,434,210! 5,052,275 hington 

Branch 



91,512 91,512 



[ Other R.< 



25,576! 



43,279 



60,574 

10,000 
5.819 



i$8,620,438$8,458,e00|l 



1857. 

Gross earnings $4,616,999 

Operating expenses . . . 2,760,785 



Net earnings $1,856,214 

Per eentage of net earnings of Gross receipts. . 
" " " on cost of Road. 

" ; ' " Stock and Debt 

w " " Common Stock 

after deducting interest on debt 

" on length of Road per mile 




$8,620. 138 $3,458,600 



Decrease $960,514 
229,586 

$530,928 

1858. Deere Be. 

34..57 5.. 64 

5.33 2.. 38 

5„38 2.. 26 



10„09 

$4,037 



5„30 

$3,488 



Dr. 



Operating Expen- 
ses 

Rent of Rolling 
Stock 

Rents and Interest 

State Tax 

4j per cent. Divi- 
dend, Sept.. 30, 
1857 & 1858 . . . 

4i per cent. Divi- 
dend, March 31, 
1857 & 1858. . . 
Balance 



INCOMK ACCOUNT— WASHINGTON BRANCH. 

1858. 



1857. 

$196,081 
29,980 
76,038 

74,250 



74.250 
$149,372 

$599,971 



$202,454 

54,737 

1,289 

68,415 



74,250 



74,250 
$113,400 

$618,795 



Surpluses, Oct. 1 3 
1856&7 

Gross Earnings. . . 
Interest 



1857. 



$144,901 

454,460 
610 



4„80 
$1,450 



1858. 



$149,372 
469,423 



$599,971 ! $618,795 



TABLE OF MONTHLY EARNINGS— MAIN STEM 

i 1856. | 1857. ; 1858. I I 1856. 1857 1858. 

January. . . . $162,160 $271,985 $261,397 | July $391,199 $407,184 '$S03.701 

February...! 178,125 320.392 227,393 I August < 397,563; 409.8621 315.059 

March..*.... 366.575 493.745 368.917; September..' 418,549 402,231 337,419 

April 1 512,240 428.168 411 546 I October I 471,391! 332,170 333,626 

May I 427,466 345,833 329,939 November... 389,505 306 644 322.402 

June 402,885 360.118 341.671 December... 427.661 320.609 



40 



CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 



TABLE OF MONTHLY EARNINGS OX MAIN* STEM AND BRANCHES. 



1857. ; 1858. 



1856. | 1857. I 1858. 



January $297,582 $317,514 I July $417,972 $441 ,801 $358,604 



February 350,877 277,035 

March 545,448 439.256 

April 459,430 483,558 

May 381,736 397,770 

June i 420.838 405,080 



August 437,934 

September 492,117' 

October 470,415' 

November I 422,219 ! 

December ! 405,0S0 ! 



447.910 370,511 

445.491 395,789 

392.441 392,503 

361.443 383,159 
379,259 



SOME OF THE PRINCIPAL ARTICLES OF FREIGHT CARRIED EAST. 



Flour Bbls. 

Grain Tons 

Tobacco fids. 

Provisions Tons 

Live Stock " 

Whiskey " 

Coal " 



John W. Garrett, President. 



John W. Garrett, 
John Hopkins, 
Nathaniel Tyson. 



Samuel W. Smith. 



1857. 


1858. 






791,585 


986.001 


Increase 


194,416 


5,438 


14,939 


" 


9,501 


11,440 


30.943 


cc 


19,503 


26,287 


31,149 




4,862 


21,750 


23,417 


" 


1,666 


18.294 


19,304 


a 


1,010 


490,943 


310,529 


Decrease 


180,414 


OFFICERS. 




resident. J. 


J. Atkinson 


, Treasurer. 


Directors. 








Francis Burns, 


John Spear N 


tCHOLAS, 


Wesley Starr, 


Willi 


AM W. 


Taylor, 


Will lam A. Hack 


, John Greg&, 




Allen A. Chapman, C. O. 


O' Don nell. 



CENTRAL OHIO RAILROAD. 



From Bellaire to Columbus 141 miles. 

Bellaire is 4 miles below Wheeling, on the Ohio River. 
Connecting with the Cleveland and Pittsburg branch road, and Baltimore and 
Ohio Railroad. 





BALANCE SHEET. 




Fiscal Year ending August 1st, 1858. 




Dr. 


Office, Columbus, Ohio. 


Cr. 


1. Cost of Road 


$5,578,518 II 8. Capital Stock 


$1,627,906 


2. Cost of Equipment 


806,633 ' 9. BoudedDebt 


3,869.300 


Real Estate not in Con- 


10. Floating Debt 


1,252,440 


struction Account. . . 


148.906 Income Account 


144,911 


Materials and Fuel. . . . 


20.006 




3. Invented in other Ro'ds 


106.133 




4. Interest and suspense. . . 


83.948 




5. Debts due the Comp'v-. 


116,559 




6. Sinking Fund 

7. Cash Means 


18,550 




15,304 
$6,894,557 i| 






$6,894,557 



CENTRAL OHIO RAILROAD. 41 

1. Construction Account $5,321,250 Equal to $39,564 per mile, and 

Accounts chargeable to it... 2-52.033 including Equipment and 

Advance: on account of same 1,73-3 ileal Estate, $46,305 per 

mile. 

$5,578,518 

2. Consists of 41 Locomotives, 39 Pass'r and Baggage Cars, and 508 Freight 

3. Stock Cin. W. & Zanesville R. R. Co. $100,000 

" Central O. R. R. Co 6,133 $10(3.133 

4. Interest on Mortgage Bonds $70,647 These amounts sin. uld properly 

Renewal of Company's obligations $12,774 be sunk by being charged to 

In suspense 527 Income- 

£83^48 

5. Notes, $5,974 : Accounts, >-33,654 : Suspended Debt. $6,577; Advanced on 

Securities, $70,354. Total, $116,559. 

6. On Third Mortgage. 

7. Uncollected revenue, $6. 996; Cash, $?.308. Total. > 15,504 

8. Capital Stock issued $1,694,906 

Less amount deposited as collateral 67,000 



9. 1st Mortgage Bonds, due Feb'v 1. 1861 $i 

1st " li " May' 1, 1864 






2d " " i; Sept. 1, 1865 $800,000 
Less deposited as collateral 11,000 

3d M. Sinking F. Bonds due .Apr. 1, 188-5 960,000 
Less deposited with Trustees 

as basis for Sinking Fund $100,000 
And collateral for Bills Pay- 
able 828.000 928,000 



rS9,0o« 



22,000 



4th M. S. F. B's, due July 1, 1876,... 1,339.250 
Less deposited with Trustees 

as basis for Sinking Fuud $200,000 
M with Agent to Fund 
debt 2,950 202,950 



Income Bonds, due 1858, 1859 -^ 1860 1.238 200 
Less deposited as collateral 666,200 



1,136,300 



572 000 



Income Bonds issued to Muskingum County, due 
January 1, 1862 100,OCO 



$3,869,300 



10. Dividends, dividend scrip and interest, $33,118 

Individuals 17,136 

Bills Payable 1,151.9:50 

Accounts 50,2-56 $1 ,252, 440 



Dr. 






INCOME 








Gr. 




expeu- 


1857. 


1858. 


Surplus, Aug. 1. 

1857 

Gross earni 
Other receipts. . . . 


1857. 

$712,213 


1858. 


Operating 
^e* .... 


$414,902 

116,631 

41,584 

4,726 

134,370 

$712,213 


$405,395 

102,780 

47,278 

6,057 

144,911 

$706,421 


$134,370 


Road and 
ment . . . 


Ecjuip- 


570.092 
1,959 


Taxes 

Dividends . 
Balance . . . 








$712 213 


$706,421 



42 



CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 



TAELE OF MONTHLY EARNINGS. 



January 

February . . 

March 

April 

May 

June 



1856. 
$30,268 


1857. 


1858. 


$50,417 


$39,630 


35,541 


44,774 


38,584 : 


45,699 


58,448 


57.448 | 


47,42-', 


54,094 


54,137 


45,163 


45,886 


41,365 


52.221 


48 533 


34,858 



1856. I 1857. 



1858. 



! July. 



$53,511 $42,560 



August | 65,666 

September..! 75,700 

October I 81,515 

November..! 71,326 

December...! 63,078 



43,138 
62,026 
57,516 
47,507 

47,284 



$38,022 



1857. 

$712,213 
414,902 



Gross earnings for y'r 

ending August 1 

Operating expenses... 

Net Earnings $297,31 1 

Falling off in gross receipts, 25 per cent, in 1858. 

Per centage of net earnings of gross receipts. . . 
" " " on Cost of Road. 

" " " Capital Stock 

and Debt . . . 
Capital Stock (after deduct- 



1858. 

$570,092 
405,385 

$163,697 



ing interest on Debt) 
On length of Road per 



per m. 



1857. 
41„74 

4„60 

none. 
$2,109 



Decrease $142,121 
9,517 



$132,604 



1858. 

28„90 

2„54 

22„6 

none. 
$1,168 



INDIANA CENTRAL RAILROAD. 

From Indianapolis to Richmond, Ind . . 68 miles. 

The Dayton and Western Railroad from Dayton to Richmond is opera- 
ted by this Company, length 40 " 

Whole distance, 108 " 

The Indiana Central is one of the number of roads at the west that presents 
an easy condition. Its construction account is closed, and all improvements 
connected with the road are charged to income account. The interest on the 
Bonds of this company are punctually paid in New York. 



Dr. 



BALANCE SHtET. 
Fiscal Year ending January 1, 1858. 
Office, Indianapolis, Ind. 



Or. 



1. Cost of Road and Real 

Estate, $1,666,280 

244,081 



2. Cost of Equipment. 

3. Real Estate not in con- 
struction account, 

Materials and Fuel, 

Union Depot and track. 

Indianapolis, 

Debts due Company, 

Cash Means, 



89,806 
21,008 

25,641 
36,602 
27,641 



$2,111,059 



Capital Stock— 1,221 shs 

$50 

4. Bonded Debt,'.! 

Floating Debt, , 

P. and Loss, $289,746 

Less Bal. In. Ac't, 3,587 



$611,050 
1,166,000 

47,850 



286,159 



$2,111,059 



INDIANA CENTRAL RAILROAD. 



43 



1. $24,500 per mile — including Equipment, about $28,000 per mile. 

2. 19 Locomotives, 21 Passenger. J90 Freight and 88 Working Cars. 

3. Real Estate, consisting of lands along the line of the road. 

4. First Mortgage 7 per cent Bonds, $600,000 
Second " 10 " " 284,500 
Income 10 " " 281.500 

$1,166,000 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1856. 


1857. 


[ 


1856. 


1857. 


Operating expen- 






Gross earnings.. 


$434,004 


$368,189 


ses, 


$161,374 


$141,471 ! 


Other receipts.. . 


22,829 


25,789 


Interest, 


108,050 


105,801 ! 








Repairs and Sup- 












plies 


27,931 


23,391 








Taxes, 


6,458 
36,897 


5,865 








Two Dividends,. 




Dayton and Wes- 












tern Railroad. . . 


83,299 


65,358 








Purchase of 10 pr. 












cent. Bonds.. . 


10,200 


22,800 








For Unfded Debt 




10,017 








Exchange and 












Discounts 




15,685 








Balance, (P.&L.) 


22,624 


3,687 
$393,978 




$456,833 






$456,S33 


$393,978 



ia57. 1858. 

Gross earnings, ending January 1st., $434,004 $368,180 Decrease, 
Operating expenses, " 1st., 184,486 163,496 " 

Net earnings, ending January 1st., $249,518 $204,693 " 

Falling off in Gross earnings about 15 per cent. 

" " for 10 mouths in 1858, about 12£ per cent. 

1&57. 1858. 

Per centage of Net earnings on Gross receipts. . 57,,51 55,.60 

" " « Cost of Road.. 14 11„44 

" " " Capital Stock, 

" (after deducting interest on debt) .. . 23 16,, 10 

Net earnings on length of Road per mile, $3,669 $3,011 



$65,815 
20,990 

$44,825 



Decrease, 



l.,91 

2„56 

6„90 

$658 



TABLE OF MONTHLY EARNINGS. 



January, . 
February, 
March, . . 
April,. . . . 
May, 



$26,640 
22.447 
33.257 
33,716 
36,647 
June, ! 32.364 



1856. 1857. 1858 



$29,904 
25;976 
35,270 
31,498 
20,277 
27,384 



$25,313 
22.551 
31.498 
30.371 
22.041 
21,073 





1856. 


1857. 


July, 


$30,573 


$23,341 


August, 


39,995 


30,143 


September, . 


44.010 


35.783 


October,. . .. 


55,610 


48.802 


November,.. 


43,603 


26,105 


December,. . 


35,142 


30,707 



$20,239 
29J69 
33.757 
40,039 



44 



capitalist's guide and railway annual. 



The estimate of net earnings on gross receipts thus far in 1858 (Oct. 31) is 65 
per cent, showing a considerable reduction in expenses — and yielding to Stock- 
holders, (after paying interest on funded debt) for the business of ten months, 16 
per cent. 



John S. Newman, President. 
Bam'l Hannah, See. and Treas. 
Henry L. Popk, Assis't Sup't. 



OFFICERS. 



Charles Parry, Vice President. 
James M. Smith, Superintendent. 
James Hooker, Freight Agent. 



Charles Parry, 
Joseph W. Jackson, 
Wm. S. T. Morton, 



Directors. 

Sam'l. Hannah, 
Williams Petty, 
John S. Newman. 



John T. Whitb, 
David Commons. 



CLEVELAND AND TOLEDO RAILROAD. 

Southern Division from Grafton to Toledo 88 miles. 

Northern Division from Cleveland to Clay Junction 113 M 

Total 201 M 

Of the 201 miles of track owned by this Company, the Northern Division be- 
tween Sandusky City and Clay Juuction, 44 miles, is, by the insecurity and di- 
lapidated condition of the Bridges and the want of encouragement, for the pres- 
ent abandoned. The Southern Division running inland through Grafton, Nor- 
walk and Clyde, is now in use for the through travel, making it necessary to leas* 
25 miles of the track of the Cleveland, Columbus and Cincinnati Company. For 
the Lake Shore business, as far as Sandusky City, the 61 miles of its Northern 
Division is brought into use. 



Dr. 



balance sheet. 

Fiscal Year ending May 1st, 1858. 



Cr. 





$6734,935 1 
458,075 ; 

41,636 | 
112,449 ! 
233,354 ; 

48,014 ! 
54,000 

48.282 
58,488 j 

$7 789,233 ; 


9 Capital Stock — 66,874 

shires $50 

10. Bonded Debt 




2 Cost of Equipment 


$3,343,712 

3,841,635 

383,923 

29,259 
190.704 


struction account 

S. Materials and Fuel 


11. Floating Debt 

Transportation Receipts on 


5. Debts due the Company . 

6. Notes considered good . . 

7. Sinking Fund 

8. Ca&h means 










$7,789,233 



CLEVELAND AND TOLEDO RAILROAD. 



U 



1. 201 miles of road, including depots, machine shops, warehouses, &c, equal to 

about $33,500 per mile, including equipment, $35,778 per mile. 

2. Consists of 32 Locomotives, 69 Passenger, baggage and mail cars, 357 Freight 

cars, and 48 Gravel cars, all in good condition. 

3. Fuel, $34,395; Rails, $12,185; Machinery, Tools, &c, $6,669. 

Total $112,419 

4. No description : 5 Considered doubtful, 6 Regarded good. 

7. Uncollected revenue, $28,504 ; Cash on hand, $28,984. Total $58,548 

$3,841,630 



8. Junction 1st Mortgage, 1st Div. Bond 
m lsfc « 2d " 

2d 
Toledo N. tte C. 1st Mortgage 

« 2d 
Junction Income " 

" Lloyd's " 

C. & T. Income 

" " Convertible " 

<( (< « (< 

Dividend •' 

" " Certificates 

" Income Convertible " 

" Sinking Fund Mortg. " 



1867 $377,000 

1872 308,000 

1862 324.000 

1863 522,000 

1863 299,600 

1862 61,500 

1862 5,000 

1863 208,250 

1864 484.000 

1854 393,000 

1865 220,185 

1865 5,100 

1870 370,000 

1885 264,000 



$3,841,635 

Bills Payable, all due prior to February, 1859 $353,720 

Unpaid bills (approved) 16,703 

Dividends unclaimed 2,564 

Interest " 5,101 

Sundry amounts 5,835 



10. 



$583,923 
The Sinking Fund is derived from a payment of one-half of one per cent, 
semi-annually upon the funded debt of the Company, commencing on the 
1st of January, 1857 The third appropriation has been made (one be- 
hind), amounting to $43,281 85, invested as follows: 

Bonds of the Company $66, 155 00 

Accumulated interest to be invested 3,108 00 

In hands of commissioners 283 18 



$60,546 17 



(For Income Account, see next page.) 



1857. 1858. 

Gross earnings,* 11 mos.. $1,055,907 $930,252 

Operating expenses 516,020 496,462 

Net earnings $539,887 $433,790 

* For 12 mos., $1,144,801. 

1857. 

Per centage of net earnings of gross receipts. $51,, 13 

" " " on cost of Road. 6, ,56 
" 4< " Capital Stock 
(after deducting interest on debt and rent 

of C C. & C. Railroad 5„33 

Per centage of net earnings on length of Road 

per mile $2,686 



Decrease $125,655 
19,558 

$106,097 



1858. Decrease. 

$46, ,64 $4„49 

6„03 1„53 



2„15 
$2,158 



S„18 
$528 



46 capitalist's guide and railway annual. 



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MARIETTA AND CINCINNATI RAILROAD. 



47 



T-BI.E OF MONTHLY EARNINGS. 



1856. | 1857. 



1858. 



1856. 



1857. 



January . . 
Febru iry . 
March . . . . 



$75,337, 

62,870 
93.830: 



April 135.875; 

May : 86,001 

June 70,826; 



$77,212 

75;287; 
127,632! 

12-1.569; 

83,850 
71,221 1 



$65,211 


July 


$57,425 


$63,855 


$52,565 


54,975 


August 


69,600 


65,347 


69.847 


90.957 


September . . 


105.260 


a3.872 


83.400 


84,149 


October 


123,207 


95,256 


68,995 


68,625 


November . . 


109,732 


82,72-4 


75,620 


59,981 


December. . . 


115,156 


87.18f 





1858. 



BUSINESS SINCE THE LAS.' ANNUAL REPORT. 

Gross earnings for 7 mos. to 30th November, 1857 $548,125 

1858 490,946 



Falling off about 11 per ceat $48 198 

Net earnings for 7 mos. to 30th November, 1857 257,618 

1858 314,963 

Increase about 22 per cent $57,345 



OFFICERS. 
J. B. Waking, President. E. B. Phillips, Superintendent. 

H. C Luck, Sec'y and Treas. E. Sheldon, Paymaster. 

Directors. 
J. C. Waring, Cleveland, Ohio. Edwin Bartlett, New York, 

Joseph Lyman, " Henry Chauncey, " 

Danl. P Rhodes, " Geo. T. Olyphant, " 

John Gardner, Norwalk, Ohio. Calwin Burr, " 

F. TV Barney, Sandusky, Ohio. 



MARIETTA AND CINCINNATI RAILROAD. 



"From Marietta to Loveland, Ohio 173 miles. 

Connecting with the Little Miami Railway at Loveland, (23 miles from Cincin- 
nati,) with the Hillsboro Branch Road at Blanehester, (39 miles from Cincinnati,) 
distance 21 miles ; making the whole line operated by the M. & C. Co. 194 miles. 
It also connects with the^Scioto and Hocking Valley Railway at Hamden, and 
with Parkersburg, on the Ohio River, by steamboats. Distance from Marietta 
11 miles. This Company pays the Little Miami Road for running its trains over 
the 23 miles leased, from Loveland into Cincinnati, $60,000 per annum, (including 
depot privileges and grounds at Cincinnati,) iu monthly installments. 

This road may be regarded as one of the principal feeders to the Baltimore and 
Ohio Railway, but owing to strong competition and the bad condition of the 
track, and the want of means to finish the Athens and Napier tunnels, the Mari- 
etta and Cincinnati Company is completely prostrated by pecuniary embarrass- 
ments. The road, although nominally opened for traffic in the Spring of 1857, 
can hardly be called finished, or prepared for business. According to the esti- 
mates of its Chief Engineer, it will require, to complete the tunneling, Musking- 
gum Bridge, and other work, $185,216. This is independent of the amount re- 
quired for ballasting the track, repairs from damage by floods, &c. 

It would appear, from the incomplete state of the road for heavy business, that 
the prospects are indeed discouraging, and made more so by the danger of paas- 



48 capitalist's guide and railway annual. 



ing out of the hands of the shareholders ; being totally unable, from the income 
of the road, to provide for any of the interest accruing upon its mortgage debt. 
Since November, 1857, this Company has been delinquent in the payment of its 
Coupons, which will account for the low price of its bonds in the New York 
market. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending 31st January, 1858. 

Office, Cincinnati. Ohio. 



Cr. 



1. Cost of Road 


$9,517,551 i 


Capital Stock 


$3,477,705 


2. Cost of Equipment 


1,115,662 


6. Bonded Debt 


7,405,917 


Real Estate not in con 




7. Floating Debt 


1,754,220 


struction account 


74,811 


Income Account 


164,420 


Materials and Fuel .... 


47,585, 






3. Invested in other roads . 


574.000 : 






5. Bonds of this Company 








unsold 


1,787,000; 






A. Other Bonds unsold .... 


82,000 ! 






Bills Receivable 


3,653 
$13,202-262 












$13,202,262 



1. Cost about $55,000 per mile — with Equipment, $61,463. Included in con- 

struction account is $1,251,720 " Interest." This item, probably, em- 
braces discount on Bonds and shaves of various kinds, and is equal to 
about $6,400 per mile ; an amount, at present prices, sufficient to iron the 
whole road. No better illustration is necessary to show the folly of building 
a railroad upon credit than the exhibit of the affairs of this Company. 
Here is a work 173 miles long, costing, with only a moderate stock of 
equipment — $64 000 per mile — at least $25,000 more than would have been 
required had the Company made its contracts for cash instead of securities. 

2. Consists of 39 Locomotives, (4 under attachment,) 37 Passenger and baggage 

cars, (2 under attachment,) and 552 Freight cars, (93 under attachment.) 



Hillsboro Branch Railroad Stock 

Wheeling Bonds on hand unsold 66,000 

Harmar " " " 16.000 



$574,000 



82,000 



5. 1st Mort. Bonds unsold 230,000 

2d " " 117,000 

3d " " 1,410,000 

$1,787,000 

A large portion of these are hypothecated for different amounts of the float- 
ing debt of the Company, and quite a large amount has doubtless been sold, 
particularly the 3d Mortgage Bonds, to reimburse for advances to contract- 
ors and others, and are floating about the market at a few cents ou the dollar. 

6. 1st Mort. Bonds issued $2,496,000 



2d " " 

3d " " 

Sterling Income Bonds issued, 4 per cents. 

Domestic " " 1867.. 

Bonds " 1862.. 

1859.. 

Special " " 



2,000,000 

1,500.000 

338,000 

98,000 

670,598 

258,319 

45,000 



7. Bills Payable $1,489,993 

Borrowed Notes 171,200 

Individual Accounts 79,076 

Banks and Bankers 13,946 



$7,405,917 



$1,754,220 



MARIETTA AND CINCINNATI KAILROAD. 49 

Dr. income account. Cr. 





1858. 


Surplus Jan. 30, 1857 

Gross Earnings 


1858. 


Operating Expenses 


$328,746 
164,420 


$118,968 
374,198 






$493,166 


$493,166 



For fisoal year ending 1st Feb 1857. 1S58. 

Gross earnings $250,201 *$374,198 Inc. $123,997 

Operating Expenses 201 ,912 328.746 " 126.834 

Net Earnings $48,289 

* Opened through to Loveland, May- 1857. 

Increase in receipts in 1858 equal to 49 per cent. 

Net income from gross receipts, per ct 19,, 39 

" on Cost of road & equip't, per ct. 0,,45 

Deficiency in net income to meet interest on 
Debt of Company, (upon Capital Stock) 

per cent 12s Same. 

Net earnings on length of road, per mile $279 $263 Dec. $16 



* 45.452 Dec. $2,637 



12., 15 Dec. 7„24 
0..43 " 0„02 



TABLfi OF MONTHLY EARNING*?. 



1856. 



January $14,222 

February... I 11,451 

March j 15,347 

April j 12,974 

May I 13,760 

June I 14,595 



1857. 



$30,971 
22,695 
22,562 
20,312: 

20,103j 
29.348 



1858. 



$18,644 



July 

August. . . . 

September. 

October . . . 
1 November.. 
'December. . 



1856. 


1857. 


$15,416 
22,582 
31.471 
33,970 
31,830 
32,583 


$32,680 

47.137 
52,221 

39,572 
36,469, 
32.456 



1858. 



In the present state of the company's finances, and the poor encouragement it 
is receiving from traffic, it is hardly necessary to bring down to a late period its 
monthly earnings ; for the road cannot earn enough to pay one-quarter the in- 
terest on its debt and respond to the payments to the Little Miami Road and 
provide for its sinking fund. 

A special meeting was held at Chillicothe last Spring to examine into the 
affairs of the company, and to see if some plan could not be devised to relieve it 
from the embarrassments with which it was overwhelmed. All the various classes 
of creditors were represented, and a Financial Scheme was submitted, of which 
the following is the substance : 

1. " That creditors holding Third Mortgage Bonds as collateral shall surrender 
them for twenty per cent, of the Bonds in cash, to be credited on their claims, and 
for the balance to receive Third Mortgage Bonds at par. 

2. The holders of the Floating Debt to have the privilege of taking Third Mort- 
gage Bonds at par, by paying one-fourth cash and three-fourths in liabilities of 
the company ; the eoupons or interest of the Domestic Bonds past due being con- 
sidered a part of the Floating Debt. 

3. Stockholders shall surrender one-half of their Stock. 



50 capitalist's guide and railway annual. 

4. That the holders of Special Bonds, secured by First M. Bonds of the com- 
pany at eighty per cent, shall take such First Mortgage Bonds imfull payment. 

5. That those who have loaned their notes, and hold First M. Bonds as securi- 
ty, shall take them in payment at eighty per cent., and those who have loaned 
their notes, and hold Third M. Bonds as security, shall take half their pay in cash 
and half in Third M. Bonds at par. 

6. That holders of First M. Bonds of the M. and C. and the Hillsboro' and 0. 
R. R. Companies, shall fund the coupons and interest thereon, up to and includ- 
ing July 1, 1859. After which said coupons shall be considered a part of the 
principal. Interest scrip representing the coupons, shall be issued ; and the 
coupons placed in the hands of a Trustee in New York. 

7. The holders of Second Mortgage Eonds shall fund the coupons and interest 
thereon, from November 1, 1857, to May 1, 1860, both inclusive ; after which the 
said coupons shall be considered apart of the principal Interest scrip represent- 
ing the coupons shall be issued; and the coupons placed in the hands of a Trus- 
tee in New \ork Cit3\ Said First and Second Mortgage Bondholders shall take 
the remainder of the Third Mortgage Bouds, about $300,000, paying therefor 
seven. y-five cents on the dollar in cash. 

8. As the adoption of thi3 plan results to the benefit of holders of Domestic, In- 
come and Sterling Bonds, they shall surrender the interest coupons thereon to 
become due in 1862 : and the holders of Domestic Bonds maturing in 1859 to sur- 
render them, and take in lieu Bonds payable in 1862, without interest. 

It would have been better to have Capitalized the whole debt of the company, 
as well as the Old Stock, by an issue of New Stock, at the intrinsic value of the 
road and its personal property. To arrive at the intrinsic value it must 
be done strictly in accordance with the capacity of the road for revenue. This 
is the only safe method of estimating the value of railwaj' property. This road, 
when in good order, and in seasons of prosperity, can earn, gross $600,000, at 
a cost of operating of 45 per cent., which is high enough with economy and close 
attention. This would give, in net profits, $ 330,000. 

Now ic is obvious thatjust as good a road can be built for cash at $25,000 per mile, 

and it follows that tho value of this at that price would be $4,325,000 

Add for the equipment, cash value 6i5,000 

Total value $5,000,000 

Here, then, is about the true value of the property of the Marietta and Cincin- 
nati company : and, as it will be seen that its utmost capacity, uotil its connections 
and £e< ders are ill completed for a through line, cannot exceed 6 60 100 per cent, 
upon £.5,000,000, it would be folly on the part of the old stockholders to think 
of participating in the revenues of the company so long as so many kinds of 
bonds have a preference, as is set forth in their Financial Scheme ; even if they 
are fortunate enough to retain control of their property. According to the Balanoe 

Sheet of this company, the Capital Stock is put down at $3,477,705 

Bonded Debt " " 5,618,916 

Floating " « " 1,754.220 

City of Cincinnati " " 150.000 

Hillsboro & Cincinnati K.R. Co. " " 250.000 

To which add for arrears of interest, say 500.000 

Represented by 173 miles of Railway 11,750,841 

By the Capitalizing plan, the issue of New Stock for $5,000,000 (at something 
like the following rate), the company's affairs would be reconstructed upon a solid 
basis, all interests would be identical, while the present holders of its securities 
would be materially benofitted thereby. 



SOUTH SIDE RAILROAD. 



51 



$3,477,705 Old Stock put in at 10 per cent $347,777 

2,266.000 1st M. Bonds " 70 " 1.533,200 

1,833.000 2d " " 60 " 1,129.800 

60,000 3d " " 50 « 30.000 

383.000 Special & Sterling Bonds put in at 70 per cent 270,100 

1,026.917 Unsecured Domestic " •■ 40 " 410.766 

250.000 Hillsboro & C R. R.C " " 40 " 100,000 

150,000 City of Cincinnati " " 60 " 90,000 

1,754.220 Floating Debt " 50 " 877,110 

■ 500,000 Arrears of interest " 30 " 150,000 

Contingencies 11,247 

$11,750,841 New Stock $5,000,000 

The new Stock would have a market value of from 70 to 80 per cent., according 
to its prospects for regular dividends. 

In the present condition of the affairs of this company its Bonds are not mar- 
ketable at one-half the prices named above, while its Floating debt and Stock 
are unsaleable. 



Beman Gates, Vice-President. 



OFFICERS. 
Hon. W. P. Cutler, President. 



Orland Smith, Secretary. 



Noah L. Wilson, 
Wm. P. Cutler, 
Wm. S. Nye, 
Alphonso Taft, 



Directors. 

Douglas Putnam, 
M. Scutt Cook, 
Hugh Smart, 
Beman Gates, 
Samuel B Keys, 



John Madeira, 
A. B. Walker, 
John Mills, 
Jonathan S. Niles, 



SOUTH SIDE MILE0AD, 

Main Line, from'' Petersburg to Lvnchburg, Va 121 miles. 

City Point Branch " " City Point 10 " 

Total 133miles. 

This road connects at Lynchburg with the Virginia and Tennessee Railroad, 
204 miles, and is the commencement of the chain of railroads that form a continu- 
ous line from the seaboard over the mountains of Virginia and Tennessee to the 
Mississippi River ; wanting but the completion of a few short links to open the 
whole distance by rail from Portland, Maine, to New Orleans. 



Dr. 



BALANCE SB EST. 
Fiscal Year ending September 30th, 1858. 



Cr. 



1. Cost of Road 

2. Cost of Equipment 

3. Real Estate not in Con- 

struction Account .... 

4. Debts due the Company. 
Cash 

5. Profit and Loss (Balance 

Tncome Account) 



$3,000,793 
362,263 

8,000 
61,472 
25,406 j 

50,135 



6. Capital Stock 

7. State of Virginia. 

" " Interest. 

| 8. Bonded Debt 

Floating Debt 



$1,371,800 

800,000 

180,500 

1,053,500 

97,274 



$3,508,074 II 



! $3,503,074 



-52 capitalist's guide and railway annual. 

1. Cost, $22,562 per mile ; including equipment, $25,286 per mile. 

2. Consists of 18 Locomotives, 21 Passenger and Baggage cars. 214 Freight, and 

103 Working cars. 

3. At City Point. 

4. Uncollected revenue $42,441 

Bills Receivable 10,000 

Debt against Francis Carr, in suit 9,031 

$61,472 

5. See Income Account. 

6. Subscribed by State of Virginia $803,500 

" " City of Petersburg 300,000 

" Town of Farmville 20,200 

" "Individuals 24S,100 

$1,371,800 

7. State Loan $800,000 

Accumulated interest due State 180,500 

— $980,500 

8. Six per cent. Bonds, due 1st Jan'y, 1870, guarantied by 

City Peters'g. $150,000 
" 1875 " " 150,000 
" " " 1865 for Appomat- 
tox Road.... 87,500 
" 1868 « " 87,500 

" 1st July, 1859 for Iron 72.000 

" " 1st Jan'y. 1862 1st Mortgage 

of $450,000 78,000 

" 1870 200,000 

" 1872 100,000 

Eight per cent. Bonds, " " 1861 68,000 

" 1863 2d Mortgage. 28,000 . 

" 1866 13,500 

" 1867 6,000 

" 1868 18,000 

$1,058,500 

9. Bills payable $49,391 

Accounts, &c 47,883 

■ $97,274 



Dr. 



INCOME ACCOUNT. 



Cr. 



Balance, Sept. 30, 

1856 & 7 

Operating Expen's. 
Maintenance of R'd 

Salaries, &c 

Interest 

Damages 



1857. 


1858. 


$135,732 

122,940 
47,884 
27,996 

116,839 
6,666 


$97,656 I 

132,607 ! 

37,851 i 

28,666 i 

120,918 1 

8,847 


$458,057 


$426,545 



Gross Earnings., 

Other Receipts. . 

Balance 



1857. 



1858. 



$355,271| $375,297 

5.130 1.113 

97,656 5<>;i35 



$458,057 $426,545 



1857. 
Gross Earning for year ending Sept. 30, $355,271 
Operating Expenses 198,820 



1858. 
$375,297 Increase $20,026 
199,124 " 304 



Net Earnings $156,451 $176,173 

Increase in 1858 over 1857, 6 per cent. ; do over 1856, 20 per cent. 



$19,722 



MICHIGAN CENTKAL RAILROAD. 



53 



Net income from gross receipts, per cent. 
" on Cost of road, " 
" " Capital Stock (after de- 
ducting interest on debt 

Net earnings on length of road per mile 



1857. 
44 
4„81 

2„89 
$1,169 



1858. 
47 
5„24 

4„28 
$1,325 



Inc, 



TABLE OF MONTHLY EARNINGS. 



3 

0„43 

1„39 
$156 



January . . 
February . 
March . . . 

April 

May. 



$10,470 
17,207 
26^20 
28,385 
30,427 
June } 28,786 



1856. 



1857. 1858. 



$17,482 
22.990 
32^597 
29,001 
33,609 
31,017 



$23,066 
20,892 
27,708 
35,117 
32,456 
31.220 





1856 


1857. 


July 


$30,020 


$30,522 


August 


35,034 


34.8.92 


September. . 


35,780 


40.223 


October .... 


31.140 


28.961 


November . . 


25.526 


23.237 


December. . . 


26.271 


26,782 



1858. 

$35,694 
40,955 
44,206 



OFFICERS. 

Thomas H. Campbell, President, Lemuel Peebles, Vice President. 

Directors. 



Robert J. Davis, 
W. G. Birchett, 



John W. Wilson, 
T. H. Campbell, 



Thomas Branch, 
Lemuel Peebles. 



MICHIGAN CENTKAL RAILE0AD. 

From Detroit to Chicago 234 milea. 

JOLIET AND NORTHERN INDIANA RAILROAD. 
From Lake Station to Joliet 45 " 

Total length operated by Michigan Central Railroad Co 329 " 



Db. 



BALANCE SHEET. 
Fiscal Year Ending May 31, 1858, 



Cr. 



1. Cost of Equipment and 

Real Estate 

2. Materials and Fuel, 

3. Other Railroad invest- 

ments 

4. Steamboat investments. 
Assets in hands of Re- 



ceiver 

Assets in hands of Sup't. 

Debts due the Company. 

5. Cash Means 



$12,847,238 
' 38,482 

816,590 
332,479 

41,239 

45,035 

261,348 

166,000 



$11.54 -.41 1 



Capital Stock... 

6. Bonded Debt... 

7. Floating Debt.. 
Income Account. 



S* 



$6,057,840 

8,234.063 

119,039 

87,419 



S14.94S.411 



54 capitalist's guide and railway annual. 

1. Original purchase of Road, $2,000,000 ; expenditures since, $10,847,238. To- 

tal, $12,847,238. This embraces a Road 284 miles in length, and in excel- 
lent condition. 
The Equipment consists of 98 Locomotives, 123 Passenger, 23 Baggage, 1,255 
Freight, and 250 Gravel and other Cars. The Real Estate in Detroit, Chi- 
cago, Michigan City, and Joliet, is very valuable, besides Depots and Ma- 
chine Shops, Wharves, Elevators, &c, along the line. Whole co.st, about 
$45,000 per mile. 

2. Fuel $139,074 

Lumber and Ties 48,001 

Shop Materials, Iron and Castings 82,826 

Miscellaneous 18,582 

$288,482 

Deduct requirements of Road $250,000 

Excess of supply $38,482 

3. Stocks and Bonds of New Albany and Salem Railroad Co $609,764 

Joliet and Northern Indiana Railroad $168,225 

" . " Construction 38,601 

206,826 

$315,590 

4. 3 valuable Boats (laid up), viz.: Plymouth Rock, Western World, and Mis- 

sissippi . 

5. Cash loaned on call $100,200 

" on hand 65,800 

. $166,000 

6. Bonds over due not presented $2,950 

July 1, 1858 130,350 

Aug. 1, " 5,750 

Sept.l, " 14,000 

Oct. 1, " 39,250 

Nov. 1, " 1,950 

Dec. 1, " 1,000 

Jan. 1, 1859 46,500 

Feb. 1, " 1,000 

Mar. 1, " 2,000 

Apr. 1, " 2,200 

July 1, " 256,000 

Oct. 1, " 1,000 

$503,950 

1860 $1,394,000 

1869 3,077,000 

1872 463,613 

1882 2,845,500 

$7,780,113 

$3,284,063 

Total 

7. Maturing in June $15,250 

July 88,826 

August 14,500 

Unpaid Dividends 513 

$119,089 



MICHIGAN CENTRAL RAILROAD. 



55 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1857. | 1853. 


Surpluses June 1, 
1856 and '57. . . . 


1857. 1 1853. 


Operat'g Espeiis's 


$1,872,895 $1,531,218 


j 


Interest 


586,502 701,887 : 


466,761i $564,803 


Loss on Steamers 






Gross Earnings. . 


3,161,889 2,417.915 


for past 2 years. 




126,785 








Two Dividends in 




1 








1856, 5pr.ct. ea. 


604,450 








One June 16. 1857, 












5 per cent 




303,855 








Materials on hand 












1st June. 1857— 












some used 




132,554 








Reduction of As- 












sets from cost to 












estimated value 




100,000 








Balance 


564,803 87,419 








• 


$3,628,650 $2,982,718 


$3,628,650 ;$2,982,718 



1857. 
$3,161,889 

1,872,895 



1858. 

$2,417,915 

1,531,218 



Dec. in 



Gross earnings 

Operating expenses.. 

Net earnings... $1,288,994 $886,697 " 

1857. 1858 

Per centage of Net earnings of Gross receipts 40,.89 37 

on Cost of road... 10„90 6„90 
Cap'ISt'k debt 9„70 6„13 
" " " Stock, after de- 
ducting interest on debt 11, ,60 3„05 

Net earnings on length of road, per mile $3,918 $2,695 



Dec. 



$743,974 
341,677 

$402,297 



3„89 

4 

3„57 

8„55 
$1.22c 



TABLE OF MONTHLY EARNINGS. 





1856. 


1857. 


1858. 


January .... 


$156,955 


$143,336 


$122,380 


February . . . 


162.319 


128,321 


107,502 


March 


191,705 


206,509 


165,936 


April 

May 


280,807 


293,300 


223.010 


269,834 


255,803 


185,727 


June 


267,393 


244,374 


170,847 



July 

August 

September. . 
Octobe* .... 
November . . 
December. . . 



1856. 



$226,701 
265.650 
37L912 
403,562 
321.294 
215,815 



1857. 



$211.636'$i43,872 
221,354 176.061 
301.589 224,574 

262^924 209.868 
211,861 156.298 
170,465| 



BUSINESS OF THE ROAD SINCE THE LAST ANNUAL STATEMENT. 
The earnings for the year ending 30th November were : 

1857. 1858. 

Passengers $1,469,769 71 $1,028,854 6G 

Freight 1,152,795 16 955,485 48 

Miscellaneous 79,256 99 72,202 77 

Total $2,701,822 06 $2,056,542 91 

Decrease $645,279 15 

Equal to about 24 per cent. 



56 



CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 



SOME OF THE PRINCIPAL ARTICLES (F FREIGHT TRANSPORTS) OVER THE ROAD. 

1857. 185S. 

Lumber feet. 23.758.294 17,220.049 Dec. 6.558.245 

Wheat bush. 1,099.080 1.084,465 " ' 14^15 

Com " 667.971 244.691 " 423.280 

Oats " 277.711 284.921 Tup.. 7!210 

Flour bbls. 371.734 519.455 " 147 721 

Hogs No. 243.065 '125,106 Dec. 117.959 

Miscellaneous mdze tons. 85,250 56.199 " 29,051 



OFFICERS. 
John W. Brooks, President. R. B. Forbes, Vice President. 

Isaac Livermore, Treasurer. R. N. Rice, Superintendent. 

William Booth, Auditor. 

Directors. 

Thomas Tileston, New York. 
Erastus Corning, Albany. 
D. D. Williamson, New York. 

Elm Farnesworth, Detroit. 
Warden, Boston. 



John W. Brooks, Boston. 
Nathaniel Thayer, " 
R. B. Forbes, " 

H. H. HUNNEWELL, " 

H. H. 



ATLANTA AND WEST POINT KAILR0AD. 

From Atlanta to West Point, Georgia 86 miles. 

Connecting with the Georgia and Montgomery and West Point Railroads, run- 
ning north and south, and the Macon and Western and Western and Atlantic 
Railroads, running east and west. 

The management of this road is in the same able hands as that of the Georgia 
Railroad, of which it is an important connecting link, and the results of the past 
two years' business furnishes its own commentary. Few roads can excel it, if, 
in fact, auy can show a more satisfactory return to its Stockholders. 



Dr. 



BALANCE ^HEET. 

Fiscal Year ending July 1st, 1858. 

Office, Atlanta, Ga. 



Cr. 



1. Cost of Road, Equip- 
ment and Real Estate. 


$1,179,381 

7;568 

129.157 
88;085 

54,400 
483 


Capital Stock 

Bonded Debt 

5. Floating Debt 


$1,000,000 

187,500 

23,384 

248,191 


2. Invested in Bills Re- 


Profit and Loss 


3. Cash Means 

4. Stock of this Road held 

by the Company 

Suspense Account 






fi. 459,075 


? 1.-159.' 175 



MONTGOMERY AND WEST POINT RAILROAD. 



57 



1. Equipment consists of 15 Locomotives, 11 Passenger and 105 Freight Cars, 

which, with the Road, represent- a cost of $13,700 per mile ; perhaps one of 
the cheapest constructed and equipped Roads in the United States. 

2. A portion of the surplus earnings set aside as a Sinking Fund, and invested in 

mercantile paper running to maturity. The accrued interest to the Com- 
pany from this source last year was $10,520. 

3. Uncollected revenue, $77,812; Cash on hanrl, $10,272. Total.... $88,0&5 

4. 544 Shares, worth par. 

5. Road expenses not due, $15,048; Dividends unpaid, $8,336 23,834 



Dr. 


INCOME t 


V COUNT. 


Cr. 




1858. 


1 Surplus July 1, 1857, in- 
clud'g $54,400 S ock held 
by the Company 


1858. 


Operating expenses 

Engines and cars 

Interest 


$132,907 

33,379 

2,942 

75,648 

248,191 


$189,551 

292,996 

10,520 


Balance 












$493,067 


$493,067 



For the year ending July 1 1857. 

Gross Earnings $371,770 

Operating Expenses 125,877 



1858. 

$292,996 

132,907 



Dec. 
Inc. 



$78,774 
7,330 



Net Earnings $245,893 $160,089 Dec. $35,804 

Falling off in 1858, about 21 per cent. 

1857. 1858. 

Percentage of Net earnings on Gross receipts. 66„14 54,,63 Dec. 11„51 

Cost of road.. 21„70 13„58 " 8„12 

" " (after pay'g int.) on Cap. S. 23„20 14„67 M 8„53 

Net earnings per mile on length of road, $2,843. $1,857 " $986 



OFFICERS. 

Hon\ John P. Kino, President. George G. Hull, Gen. Supt. 

John P. Peck, Secretary and Treasurer. 



MONTGOMERY AND WEST POINT RAILROAD, 

Main track, from Montgomery to West Point, Ga 88 miles. 

Branch " " Opelika to Girard (opposite Columbus, Ga ) 28 " 

Total 116 " 

This road connects at West Point with the Atlanta and West Point Railway, 
at Columbus with the Muscogee and Mobile and Girard Railways, and at 
Montgomery with the Alabama and Florida Railway. 



58 capitalist's guide and railway annual. 



BALANCE SHEET. 
Fiscal Year ending March 1, 1858. 



Dr. Office, Montgomery, Ala. 


Cb> 




$1,845,123 
390,213 

23,304 

149,037 
23,122 
92,180 


Capital Stock 

State of Alabama 

! 6. Bonded Debt 


$1,414,924 
122,622 

800,000 


2. Cost of Equipment 


struction account. . . . 
Materials and Fuel .... 

4. Invested in other Roads. 
Debts due the Company. 

5. Cash Means 


j 7. Floating Debt 

Income Account 

i 
1 


70,262 
115,171 








$2,522,979 


$2,522,979 



1. About $16,000 per mile, and with equipment $19,270 per mile. The net 

earnings have been used for the past two years to relay the balance of the 
track with a heavy T rail, instead of increasing the liabilities of the com- 
pany by loans. All but 15 miles are laid, and the remainder will be put 
down, with the iron now in Savannah, in season for the freighting business 
in December and January. 

2. Consists of 20 Locomotives, 269 Cars, machinery in shops, materials and fuel. 

Depot buildings, lumber, &c. 

3. 5,417 acres of land near Montgomery, and on line of 

road $15,664 

Real Estate in Columbus, Ga 7,640 



4. 1,000 shares Stock in Alabama and Florida Railroad $100,000 

Bonds bought of " " " 18,000 

Due by " " " 31,037 

5. 963 tons iron in Savannah $43,347 

67 Negroes 42,725 

Cash in Treasury 6,108 

6. Due 1st May, 1860 $100,000 

1863 150,000 

" " 1865 100,000 

" 1st July, 1866 8's 450,000 

7. Bills Payable $50,343 

Open Accounts 19,919 



$23,304 



$149,037 



$92,180 



$800,000 



Db. 










INCOME ACCOUNT, 


Or, 




1857. | 1858. | 

$207,569' $210,883 

62.791J 64,830 

115,363; 115,171 

$385,723; $390,884 


Gross Earnings. . . . 


1857. 


1858. 


Operating Expenses 
Interest 


$385,723 
$385,723 


$390,884 



$390,884 



EAST TENNESSEE AND GEORGIA RAILROAD. 



59 



For fiscal year ending March 1st. 1857. 1858. 

Gross earnings $335,723 $390,884 Inc. $5,161 

Operating expenses 207,569 210,883 " 3,314 

Net Earnings $178,154 $180,001 " $1,847 

Increase in Receipts in 1858 equal to 1 1-3 per cent. 

1857. 1858. 

Net income from Earnings, per cent. $46,, 19 $46,,07 Dec. 12 

" on cost of road, " 7„97 8„05 Inc. 08 
'' on Capital (after deduct- 

interest on debt), per cent 8,,16 8,, 14 Dec. 02 

Net income on length of road, per mile. $1,536 $1,552 Inc. $16 

The business of this road appears not to have suffered from the general revul- 
sion, but doubtless would have materially increased its earnings, had not the de- 
pression in every department of business overtook it at the close of the last fiscal 
year With the track completed with the new rail, the large cotton crop, and 
activity and abundance of money at the South, the business operations of the 
road for the next fiscal year must be very satisfactory to its stockholders and 
friends. 



How. Johw P. &D30* 
W«. Taylor, 



OFFICERS. 
Charles T. Pollard, President. 

Directors. 

C. T. Pollard, 
B. S. Bibb, 
R. R. Cuyler. 



Wm. M. Marks, 
S. G. Jones, 



EAST TENNESSEE AND GEORGIA RAILROAD. 

From Knoxville to Dalton, Ga 110 miles. 

In progress, Branch from Cleveland (27 miles from Dalton) to Chattanooga, 29 
miles, making whole length 139 miles. Estimated cost of Branch, including 
equipment, $930,000. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending June 20th, 1858. 

Office, Knoxville, Tenn. 



Cr. 



L Cost of Road, Equipm't 

and Real Estate 

2. Materials and Fuel 

8. Debts due to the Compy. 
4. Cash Means 



$3,376,943 

io;os3 

99.059 
15J12 



$3,501,197 



5. Capital Slock 

6. State of Tennessee. 

7. Bonded Debt. 

8. Floating Debt 

Income Account... 



$1,289,155 

i;i2o;ooo 

790;688 

278.319 

23,035 



$3,501,197 



60 



CAPITALIST S GUIDE AND RAILWAY ANNUAL. 



1. 30,700 per mile. 

2. Fuel $4,117. Knoxville workshop, $5,966 Total $10,083 

3. Bills Receivable, $23,378. Due from banks, roads, &c, 75,681 " 99.059 

4. Cash, $10,895. Due from P. O. Department, $4,217 " 15,112 

5. Paid in $1,202,432 

Scrip payable in Stock ... 38,874 

Due J. D. Gray & Co., in Stock 47,849 

$1,289,155 

6. Bonds of the State of Tennessee $970,000 

Jt this Company indorsed by State of Tenn. 150,000 

$1,120,000 

7 Company's Bonds sold $542,000 

hypothecated *212,000 

" due J. D. Gray & Co 36,68S 

■ $790,688 

* Money borrowed upon the Bonds of the Co., $130,450. 

8 Notes of the Co. for iron for Chattanooga Branch. $112,389 

" " miscellaneous purposes 109,833 

Due individuals and Railroads 55,092 

Old Hiwanee R. R. debts 1.005 

$278,319 



Dr. 



INCOME ACCOUNT. 

185S. 




Operating expenses j $108,764 

Maintenance of way I 9,908 

Interest j 123,252 

Dividends I 

Balance 



Ck. 



1858. 



Surplus 

Gross earnings ! $264,959 

Other receipts 



For year ending June 30th 1857. 

Gross earnings $227,365 

Operating expenses 122,371 



$264,959 



1858. 
$264,959 Inc. $37,594 
108,764 Dec. 13,607 



$104,994 $156,195 Inc. $51,201 



Increase in 1858, 16,,60 per cent. 

Per centage of Net earn'gs on Gross Receipts, 46 59 

Cost of Road. 3„11 4„63 
" on Capital Stock after deducting 

interest on Debt therefrom. . . . none 2„60 

Net earnings for length of road per mile. . . . $954 $1,420 



Inc. 13 



l.,52 

4„10 

$406 



OFFICERS. 

Campbell Wallace, Knoxvillo, President. 
Thos. J. Campbell, Secretary and Treasurer. 

Directors. 

Campbell Wallace, R. M. Edwards, J. C. Vaughn, 

T. C. Lyon, T. H. Collonay, R. Smead, 

W. B. Reese, T. Rogers, H. H. Stephens, 

J. G. M Ramsay, J. C Carlock, J. Jarnagin, 

E. Waterhouse, G. W. Bridges, W. II. Stark, 

W. Grant, J. H. Rengan, W. S. Collonay. 



BOSTON, CONCORD AND MONTREAL RAILROAD. 61 



BOSTON, CONCOBD AND MONTREAL KAILROAD. 



From Concord, N. H., to Wells River, Vermont 93 miles. 

Connecting with the Conn, and Passuinpsic Railway. 

" " White Mountains " 

" " Concord and Claremont " 

" " Vermont Central " 

And all the Railways east of Concord. " 

This Road has been operated since the 1st January, 1857, by Trustees, for the 
benefit of the 1st. Mortgage Bondholders. Its finances, however, has so much im- 
proved since that time, as to render it probable that the Directors will soon obtain 
control again for the benefit of some of its different classes of Stockholders. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending March 31, 1853. 

Office, Concord, N. H. 



1. $27,741 per mile; with equipment, $30,769 per mile. 

2. Value of engines $113,800 

Freight cars 125,000 

Passenger cars 25,000 

Tools 19.650 



Wood-lands and wood. 
Materials and stock 



$41,059 
21.491 



4. Trustees of Sinking Fund $14,000 

Bonds invested with " 12.500 



Trustees Boston, Concord and M. 

James ivl . Whiton 

French , Bell vV: Sawyer 

Bills receivable 

W. H. Smith 

Delinquent accounts 



R. R $31,330 

31,875 

809 

4,305 

9,690 

31,433 



ttu 



1. Cost of Road & Water- 
Works 


$2,5S0,134 
233,450 

62,550 

26.500 

10^442 

8,219 

14,034 

7,500 


9. Capital Stock 

10. Bonded Debt 


$1,809,032 

864,000 

277.426 

76^02 

64,869 


2. Cost of equipment 

Real Estate not in con- 


11. Floating Debt 


struction account 

3. Materials and fuel 

4. Sinking fund 

6. Debts due the Company 

6. Invested in other Roads 

7. " this Road. . 

8. Other Stocks.... 


Income Acconnt 








$3,091,829 


$3,091,829 



$233,450 

$92,550 
$26,500 

$109,442 



62 capitalist's guide and railway annual. 

6. White Mountains ft. It. Bonds $5,500 

G. Junction R. R. Depot Company 2,719 

$8,2l& 

7. Bonds of this Company on hand $13,900 

Stock « " 134 

SZ:: [$14,034 

8. Wells ftiver Bridge Stock $1,500 

Winnespeogee Lake Steamboat Stock 3.500 

C. & W.M. Telegraph " 2,500 

$7,500 

9. Old Stock §424,500 

Preferred Stock 800,000 

New " 541,600 

Assessment " 1,962 

Dividend " 25.834 

Scrip " 15,136 

^1,809,032 

10. Mortgage Bonds, 6's $200,000 

7's 300,000 

C " " 6's 150,000 

« " " 7's 200.000 

Sinking Fd. " 6's 14,000 

$864,000 

11. BillsPayable $244,910 

Coupons due, unpaid 1,617 

Interest " unclaimed 1,489 

Dividends " not yet payable 29,410 

$277,426 

The Trustees, in their two last annual reports, omit to furnish particulars of the 
disposition of the surplus earnings, which were, for the two years, as follows:' 

For the year ending March 31 1857. 1858. 

Gross receipts $287,813 

Paid other roads for proportion of receipts 63,205 

Income from freight and passengers $224,608 

Receipts from mails and expresses 11,197 

Total Receipts $263,113 $235,805 

Operating expenses 155,742 ;^.|134,738 

Net Earnings $107,371 _1 $101,067 

Falling off in 1858, about 6 per cent. 

Net income from Gross receipts, per cent 41,, 42,.09 

" on Cost of Road " 4„16 3„92 

" Old Stock " (deducting divi- 

dends on preferred and new Stock and 

interest on debt) nothing. nothing. 

Net income on length of Road, per mile $1,154 $1,087 

John T. Coffin, > rr,„ . M 
S.H Quincy, 'J Trustees. 



NEW YORK CENTRAL RAILROAD. 63 

OFFICERS. 

Jonah Quincy, President. Charles Lane, Secretary. 

John T. Coffin, Superintendent. 

Directors. 
Jonah Qutncy, John T. Coffin, John L- Rex:, 

John E. Lyon, A. H. Tilton, Holmes Hinckley, 

Joseph P. Pitman. 



NEW YORK CENTRAL RAILROAD. 

Main Line, from Albany to Buffalo 298 miles. 

Troy and Schenectady Branch, from Troy to Schenectady 21 " 

Auburn and Canandaigua Branch, from Syracuse to Rochester 103 " 

Rochester and Niagara Falls Div., from Rochester to Niagara Falls. 76 " 

Buffalo and Niagara Falls Div., from Buffalo to Lewiston ; 28 " 

Buffalo and Lockport Div., from Buffalo to Lockport 24 " 

Rochester and Lake Ontario Div., from Rochester to Charlotte 6 " 

Total length operated 556 " 

Connects at Albany with the Hudson River Railway, for New York. 

" " Western, for Boston and all points east. 

" " " Roads leading from Troy. 

" Saratoga Springs and Whitehall. 

n Utica " Black River and Utica Kail way. 

" Rome " Watertown and Rome " 

" Syracuse " Syracuse and Binghampton Railway. 

" " " Oswego., by Railroad. 

" Geneva " Elmira, by Lake and Railroad. 

" Canandaigua with the Canandaigua and Elmira Railway. 

" Rochester " Rochester and Niagara Falls Railway. 

" Niagara Falls " Great Western (Canada) Railway. 

" Buffalo " Buffalo and State Line 

" " " Buffalo, Brantford and Gooderich Railway. 

" ^ " " Lake Steamers for Cleveland, Monroe, San- 

dusky and Detroit. 
The New York Central Railway, from its easy grades, the shortness of dis- 
tance, double track, ample rolling stock, numerous trains, is perhaps the most 
popular passenger conveyance of any of the trunk lines leading west. 



HISTORY. 



£= In 1853 the Legislature of New York passed an act authorizing the consolida- 
tion of certain Railroads into a single corporation. The stocks in the several 
roads composing the connecting links between tide water and Lake Erie, except 
the Troy and Schenectady, were, for a long time previous to the passage of the 
act, worth large premiums, having for a number of years regularly paid excel- 
lent dividends. Soon after, a delegation from each road met, and a committee 
was appointed to perfect a plan for consolidation. The plan was promptly sub- 
mitted and unanimously adopted. It provided that each company should pay off 
its floating debt, that the stock of the consolidated company should be equal to 
the aggregate of the stock of the several companies, and for the premiums they 



64 capitalist's guide and railway annual. 



commanded in market the holders should receive the 6 per cent, bonds cf the new 
company. The following will show the amount cf Stock and Bonds representing 
the capital of the old companies, and the rate of premiums agreed upon for each : 



ertible Bonds. Rate ofprem. per cent. 


AirCt to each Co. 


$1,021,800 


17 


$275,706 


4.500.000 


55 


2.475.000 


3.800.000 


50 


1,650.000 


5,608.700 


SO 


1,682.650 


3,000.000 


40 


1,200.000 


1,575.000 


55 • 


866,250 


2,155.100 


25 


538.775 


675,000 


25 


168.619 


150.000 


25 


37,500 


565.000 






354.265 






650,000 






$24,154,860 


$3,894,500 



Albany and Schenectady. . . . 

Utica and Schenectady. 

Syracuse and Utica 

Rochester and Syracuse 

Buffalo and Rochester 

Mohawk Valley 

Rochester. Lock port & N. F. 

Buffalo and Lockport 

Rochester and Lake Ontario. 
Buffalo and Niagara Falls. . . 
Niagara Falls and Lewiston. 
*Trov and Schenectady 



* This stock not being worth par, the shareholders were required to pay in an 
installment of 25 per cent. 

The premiums were settled by an issue of bonds called " Premium Consolida- 
tion Bonds," reimbursable on 'the 1st May, 1833, bearing 6 per cent, interest. 
The new company assumed the funded debt of the old companies that was not 
convertible iuto stock, viz. : 



Albany and Schenectady .... $226,823 

Troy and Schenectady 100,000 

Syracuse and Utica. . 126,000 



Rochester and Syracuse $756,000 

Buffalo and Rochester 200,000 

Rochester, Lockport lSc N. F. 476,000 



Total $1,884,823 

It also assumed the subscriptions made bv the several old companies to the 
Great Western road of Canada, and to the Buffalo State Line road (then in pro- 
gress), viz : 



$25,000 

200,000 

75.000 

62:300 

105:500 

125,000 

68.500 

94;900 

*52,650 

$903,200 

Amounting in the aggregate to $2,788,023, for which unconvertible bonds reim- 
bursable on the 1st May, 1883, bearing date 6 per cent, interest, were issued, mak- 
ing the total liabilities of the old companies, assumed by the New York Cen- 
tral, as follows: 

Stock $21,154,860 

Premium Bonds 8,894,500 



Stock taken by the Albany and Schenectady in the Great Western R. R. 
" " Utica and Schenectady " " " 

" " Syracuse and Utica " " " 

" " " " in the Buff. State Line R . R. 

" " Rochester and Syracuse " " 

" . ' " " " in the Great Western R. R. 

RochV, Lock. &N.F. " Buff. State Line " 
Buffalo and Rochester " :; 
Add Premium on Stock iu Buffalo and State Line R ailroad, 20 per cent. 



Unconvertible Bonds of old companic: 
For aid to other roads , 



Total liability, 



$33,049,360 

1,884,236 
903,200 

$35,836,796 



NEW YORK CENTRAL RAILROAD. 



65 



Da. 



BALANCE SHFET. 

Fiscal Year Ending September 30, 1858. 

Office, Albany, N. Y. 



Cr. 



1 Cost of Road, Equipment 




Capital Stock.. .. $241,824 




and Real Estate 


$20,732,518 


shares, at $100 


$24,182,400 


Representing the premi- 
um on the stocks of the 






14,402,635 




5. Floating Debt 


43,07 


various companies at 




Pay Roll Account due 




time of consolidation.. 


8,193,000 


Employees after Octo- 









ber 1..* 


-81,925 


Total 


$38,925,518 


Interest Coupons paya- 
ble subsequent to Oct. 




Real Estate of B. & N. 






Falls R. R. Co.. not 




1, being accrued inter- 




in construction account 


32,500 


est up to 30th Sept.. . 


329,270 


Materials 




Income Account (bal- 




and Fuel.. $1,360,989 
Less amount 






1,594,326 






sunk by be- 








ing charged 








to operat'g 








expenses. . . 1,000,000 








_ 


360,939 






2. Invested in other roads. 


753,150 






Hudson R iver Bridge 








t>tock 


10,080 
28,562 






Debts due the Company. 




3. Cash Means 


522,886 












$-10,633,635 


$40,633,635 



1. If estimated according to the net outlay upon the old roads from which the 

New York Central is composed, and the improvements subsequently made, 
the cost of 556 miles of railroad, including its extensive equipment, valuable 
real estate, and $1,000,000 of fuel and operating materials more than charged 
into the general account, will be equal to $55,274 per mile. There being 312 
miles of double track, the cost is reduced for a single one to $35,406 per 
mile. But there is an item of $8,193,000 — the present balance against the 
" Debt Certificates Fund," given for premiums on the stocks of the various 
companies consolidated, which properly represents (as long as it is alive) a 
part of the cost of the road. Its extinguishment is provided for in 1880 (the 
time the bonds of the new company given to the proprietors of the old be- 
comes due) by a sinking fund of $113,182 38, which, compounded, would 
absorb it within that period. If this be added, the whole cost of the road, 
machinery, rolling stock and depot buildings, is equal for 868 miles of single 
track, to $44,845 per mile. 
The equipment consists of 270 locomotives, 264 passenger, baggage and mail, 
2,707 freight, and 285 service cars, valued at $4,761,039. Embraced in the 
Railroad proper is the real estate of the Company along the line of the road, 
and in Albany and Buffalo, valued at $3,853,045 ; and the machine shops, 
passenger and freight stations, machinery and fixtures, valued at $1,737,447. 

2. Buffalo State Line Company Stock $557,800 

Lewiston " 187,850 

TroyUnion " 7,500 

$753,150 

8. Uncollected revenue, a large part having been paid 

since $394,076 

Due by General P. O. Department 22,422 

Cash in Banks 106,388 

$522,886 

6 # 



66 



CAPITALIST'S GUIDE AND EAILWAY ANNUAL. 



Alb'y & Schencct'y R. R., C. Alb'y 

Schenectady & Troy R. II., State. 

Rochester ite Syracuse, " " 

Buffalo & Rochester 

R. L. & Niagara Falls " 

Buffalo & N • F. It. It., N. Y. Central. 

Stock Subscriptions 

Premiums on Consolidated Stock... 

Real Estate 

New Convertible 

Bonds & M., (before consolidation) . 

" Funded debt O. Companies.. . 

" B. & N . Falls Company 

" Telegraph " 



5's, 1864.. 
6's, 1867.. 
5i's, 1860-1 
5i's, 1865.. 
7's, 1861.. 
6's, 18S3.. 
6's, 1833.. 
6's, 1833. . 

1833. . 

1864. . 



6's, 
7's, 

7's, 

6's, 1883. 



6's, 
6's, 



Bills Payable 

Unclaimed dividends .... 
Trustees of Syracuse & V. 



1833. 
1360. 



R. Company 



$127,000 

100.000 

77;332 

55.300 

293.000 

46,000 

785,000 

8,100.000 

200^00 

3,000.000 

254.953 

1,256',000 

93;000 

10,000 



$38,000 
3,472 
1,607 



$14,402,636 



$43,079 



Dr. 



INCOME ACCOUNT. 



Cr, 





1857. 


1858. 


Surpluses 


1857. 


1858. 


Operating ex- 






$1,301,036 


$1,826,572 


penses 


$4,453,51f 


$3,4S7,292 


Gross earnings. 






Interest 


970,871 


976,192 


Passengers 


3,147,637 


2,532,647 


Lis. on bonds for 






Fr't, $8,027,257 


4,569.276 


3,700.270 


Funding debt 






Mail 


89,590 


89,726 


of O. Co's 




70.391 


Miscellaneous.. . 


230,843 


205,770 


Div's, Feb. '57-3 


959,782 


959,782 


Other Receipts. 






" Aug. '57-8 
Sinking Fund . . 


959,732 


959,732 








113,294 


113.294 








Steamboats .... 


44,470 


193,295 








Balances 


1,826,572 


1,594,326 










$9,323,23? 


$3,354,985 1 


$9,328,237 


$3,354,985 



COMPARISON OF BUSINESS FOR PAST TWO YFARS. 

For fiscal year ending Sept. 30 1857. 1858. 

Gross earnings $3,027,551 $6,528,413 Dec. $1,498,838 

Operating expenses 4,453,516 3,487,292 " 966,224 

Net earnings $3,573,735 $3,041,121 " $532,614 

Falling off in Gross receipts in 1858, 18| per cent. 

1857. 1858. 

Per centage of Net income from Gross receipts 44„52 46„60 Inc. 2„08 

" " on Cost of road 10„17 9„90 Dec. „27 

" " " " includ'g premium 

on consolidation. . 9„20 7,,83 " ,,37 

Capital and Debt.... 9„21 7„88 " „33 
" " " Cap. St'k after deduct- 

int. on debt & S- Fd. 10„04 8„07 " 1„97 

Net earnings per mile on length of Road $6,428 $5,468 " $960 



TEERE HAUTE, ALTON AND ST. LOUIS RAILROAD. 67 



Jt will bo seen, that notwithstanding so much has been published against the 
ability of this lioad to earn its declared dividends for the past year, it did earn 
them ; and while its gross receipts fell off 18£ per cent , its net revenue declined 
but 14 7-8 per cent. But ?ome argue because the dividends are declared payable 
two month:* earlier than the close of the business for every half year, one-lhirdof 
the usual semi-annual dividend should be set apart as a liability of the Com- 
pany, or deducted from the net income in the same manner as items of interest on 
the debt or dues to employees. If the Capital was in guaranteed Stock, then it 
would, unquestionably be proper to do so ; but in the common Stock all are in- 
terested alike, as joint proprietors, and the public might as well expect the Di- 
rectors to set apart one-third of the whole surplus to the credit of Income Account. 
A portion of this very surplus was, no doubt, intended to cover this and extra- 
ordinary expenditures — for instance, the quesiion at issue with the public after all 
seems to be in the time during the fiscal year which the companv shall divide its 
ascertained earnings, and the charging to construction account $210,702, expend- 
ed during the year for new rolling stock and new additions to its roadway. Id 
either case, it is of no importance as long as the company did not materially im- 
parc its large surplus. 



TABLE OF MONTHLY EARNINGS. 





1856. 


1857. i 1.858. I 


1856. 


1857. i 1853. 


January. . . . 


$102,988 


$162,262 437.944 !| July 


$613,912 


$365,340 $474,353 


February . . . 


367.915 


460.897. 408.225 August 


697,857 


663,086i 543.109 


March 


460,619 


674,362 557,326 September.. 
7^6,046: 701,916 !i October. .. . 


873,817 


844,630 157,728 


April 


628.073 


913,566 


799,784 602,433 


May 


710,555 


655.256. 557.966 jj November.. 


745,411 


723,8321 


June 


651,871 


571.536 465.504 || December . . 


695.432 


652,299' 



OFFICERS. 
Erastus Corning, President. Dean Richmond, Vice-President. 

John V. L. Pruvn, Pres'tpro tern. Gilbert L. Wilson, Sec'y & Treas. 
Cuauncey Vibbard, Gen. Sup't. George E. Gray, Chief Engineer. 
Directors. 



Erastus Corning, 
Dean Richmond, 
John V. L. Pruyn, 
John L. Schoolcraft, 



Alonzo C. Paige, 
Horace White, 
Nathaniel Thayer, 
Isaac Townsend, 
L. Speaker. 



Cornelius D. Tracy, 
Charles li. Russell,. 
John H Chedell, 
Jacob Gould, 



TERRE HAUTE, ALTON AND ST. LOUIS RAILROAD. 

From Terre Haute, Ind., to All on. 111 172 mile3. 

" Alton to Illinoistown (opposite St. Louis) 21 ll 

" Belleville " 15 " 

Total length 203 miles. 

This road connects at Terre Haute with the Terre Haute and Richmond R. R. 

" Evansville & Crawfordsville " 
" " Mattoon " Illinois Central (Chicago B'h) " 

II « p ana « « « « 

M " Ft. Louis " Pacific, N. Missouri & Iron Moun- 

tain Railways, and Steamers for the upper and Lower Mississippi River. 



68 



CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 



The Belleville and Illiuoistown Railroad was consolidated with the Terro Haute 
and Alton Road (under the above title), on the 30th October, 1856, the share- 
holders of the former surrendering their stock and receiving shares in the new 
company at the rate of 87 i per cent. The new company assumed tho bonded 
debt, and all other liabilities of the Belleville and Illinoistowu Company at their 
par value, and received therefor, besides the road, depots and appurtenances, 
1,030 acres of excellent coal lands, bordering on the road, and the franchise of tho 
St. Clair Ferry, at St. Louis. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending April 30, 1858. 
Offices, St. Louis, Mo., and New York. 



Cr, 



1. Cost of Road, Equip- 
ment, Real Estate, 
Shops, Tools, Mate- 
rials and Interest and 
Discounts, to 1st May, 
1858 


$3,516,452 

4^622 

114.296 

54,394 

$8,726,764 


5. Capital Stock 

6. Bonded Debt 

7. Floating Debt 

1 


$3,011,150 
4.664.696 
1,050,919 


2. County Bonds 

3. Debts due the Company. 










$3,726,764 



1. Assuming this to be the cost of the road and equipment, which includes the 

Belleville and Illinoistowu branch with its coal properties, the cost per mile 
is $40,943. 
The equipment, consists of 31 Locomotives, 30 Passenger cars, 8 Baggage 
cars, and 416 Freight cars. 

2. Montgomery County, Illinois, Bonds $30,000 



Shelby 



Due by individuals 

Bills Receivable in St. Louis. 



11,(322 

$109,189 
5; 107 



$41,622 



$114,296 



4. Uncollected revenue $22,781 

Chicago, A. & St. Louis R. R 22,145 

Cash in N. Y. and St. Louis 9,468 

$54,394 

6. Upon the original stock subscriptions, $59,130 is reported uncollected. Suit! 
have been instituted for a parts but it is uncertain how much will be realized. 

$200,000 



1st Mortgage Bonds, due 1862 7's 

Int. Feb. and Aug. " 1867 7's 

" 1872 7's 



2d Mortgage Bonds, " 1868 8's ... 
Int. Feb. and Aug. " 1870 8's .... 
The above are secured by mortgages 
on that part of the road between 
Terre Haute and Alton. 
1st M. Bonds, B. & 1. R. R. Co. 1873 7's 
Unsold. $80,000; Cancelled, 

$3,000 

Interest, March and Septein. 



400.000 
400;000 



$1,000,000 
1,000,000 



$600,000 
83,000 



$1,000,000 
$2,000,000 



617,000 



TERRE HAUTE, ALTON AND ST. LOUIS RAILROAD. 69 



2d M. Bonds, B. & I. R. R. Co. 1869 7's 
Interest, May and November. 
The two last described Bonds are se- 
cured by Mortgages on the road 
which is situated between Belle- 
ville amd lllinoistown, including 
1.080 acres coal lands. 
2d Mortgage Bonds, due 1874 10's .... $1,000,000 

Unsold 497,000 

Interest May and November. 

Secured by a mortgage by the 
entire road. 
3d Mortgage Bonds, due 1883 7 ! s .... 

4th " « "I860 57.625 

" " " 1863 52.500 

" 1864 29.700 

Fractions of Bonds 1,870 

At the East, Bills Payable $367,982 

Individuals 54,944 

At the West, Bills Payable 47,004 

Accounts 97.304 

Pay Rolls 76.200 

J-'crip 23,570 

Right of way and taxes 36,360 

Terre H. & Richmond It. R. 64.827 

Other roads 2,663 

Judgment claims 7,069 

Claim of Mich. S. & N. I. 
R. R. Co. and Hyder, due 
1860, on account Belleville 

Bridge . . . . 

Arrears of interesl past due, coupons un- 
paid 



494,000 



503,000 



9,000 



141,695 



$422,926 



$4,664,695 



$354,997 



74,291 

198,705 



$1,050,919 



Dr. 



INCOME ACCOUNT. 



CR. 





1857. 


1858. 


Gross earnings 10 


1857. 


1858. 


Operat'g cxpens's 






10 mos. ending 






mos. ending Dec. 






Dec 31, 1856. . 


330,520 




31, 1856 


$662,860 




Do. from Janu'y 1, 






Do. from 1st Jan , 






1857, to 30th 






1857, to April 






April, 1858 




770,229 


30, 1858 




$1,079,887 


Balances to credit 












Con str uction 












account. 


332,340 


309,658 










$662,860 


$1,079,887 


$662,860 ! $1,079,887 



Owing to the irregular periods for making up the annual statement of the 
affairs of this company, it is difficult to give a correct analysis of its comparative 
business for the past two years. 



70 capitalist's guide and railway annual. 

It will be seen from the Income Account, that the gross earnings 

of the road for 10 months ending December 31, 1856, was $362,860 

For 16 months ending 30th April, 1858 1,079,860 

Total for 26 months $1,742,747 

Its operating expenses for the 10 months were $330,520 

16 " 770^29 

$1,100,749 

Net income same period $841,998 

Gross earnings 12 months ending 30th April, 1856 .• 837.235 

1857 820,781 

Falling off in 1858 about 2 per cent. 

Proportion of net earnings to gross receipts for 10 mos 50 per ct. 

" « " « " 16 " 29 " 

Decrease in 1858 21 " 

Net income on cost of road reduced to 12 months 2„72 " 

** Capital stock (after deducting interest on debt) samo 

time Nothing. 

Interest on bonded debt of the Company for 16 mos $484,700 

" average amount of floating debt, 16 mos 98,000 

Total interest $582,700 

Net earnings same period 309,658 

Deficiency of income $273,042 

Taking the business, however, from the commencement of 1858, 
a better state of things is shown, viz : 

Earnings from January 1, 1853, to April 30, 1858 $256,120 

Operating expenses, including salaries of officers, employees, &c. . . 145,990 

Net earnings $110,130 

Or about 44 per cent, of the gross receipts. At the same rate for the remainder 
of the year, the net earnings would amount to $440,520, leaving still a deficiency 
of $141,180 to cover interest on the debt. In consequence of the general stagna- 
tion of business at the west, and the greatly diminished traffic of all western 
roads, this company has been obliged to defer payment of its 2d and 3d mortgage 
coupons, both on its direct issue, and the 2d Mortgage Bonds of the Belleville 
and Illinoistown Railroad, assumed in the consolidation of the two companies. 



TABLE OF MONTHLY EARNINGS. 





1856. 


1857. | 1858. 


July, 


1856. | 1857, | 1858. 


January 


$18,179 


$59,401 


$57,129 


$52.1791 $51,540. $13,065 


February.. . 


17,992 


49.804 


52.323 


August, 


73,868 ! 77.895 64,521 


March 


39.956 


76.716 


71.230 


September, . 


91.401 78,992 79,453 


April 

May 


44,774 


73.184 


75.433 


October, 


110,8071 82.994 84,062 


47.469 


64.786 


47.921 


November,.. 


82,605 67.538 


June. 


47.741 


67,621 41.778 


December.. . 


72.060' 63.8951 



OFFICERS. 



Edwin C Litchfield, President. 
Carey Murdock, Sec'y and Treas. 



James A. Raynor, Vice President. 
L. R. Saugent, Superintendent- 



HARTFORD, PROVIDENCE AND FISHKILL RAILROAD. 71 



Samuel Wade, 
S. W. Moulton, 
James A. Kay nor, 
Robert Chrystie, Jr. 



Directors. 
P. C. Huggins, 
Charles Summers, 
Edwin C. Litchfield, 
Carey Murdoch, 
Edmund Freeman. 



W. E. Bacon, 
John Stryker, 
E. B. Litchfield, 
James Barnes, 



HABTFOBD, PEOVIDENCE AND FISHKILL RAILROAD. 

From Providence, R. L, to "VVaterbury, Conn 123 miles. 

Operated by the Trustees for Mortgage Bondholders, since 1st February, 1858. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending October 1st, 1858. 



Cr. 



1. Cost of road 

2- Cost of equipment 

Materials and fuel — 
Due to the company , 

3. Sinking Fund 

Cash 



$3,903,455 Old Stock 



302.511 
29^348 
17,297 

48.777 
6,917 



$4,308,307 



Preferred Stock , 

Bonded debt 

Floating debt 

Premium Bonds of Cities of 
Hartford and Providence 
sold 

Profit and Loss 



$1,537,940 

398,800 

1,862,730 

319,962 



100,325 
88,550 



,303,307 



$31,735 per mile ; including equipment, 
$34,195 per mile. 



1. OldRoad $1,243,949 

New " in Conn 1.473,021 

" "in R.I '963,663 

Pay'ts to Contractors. 219,432 

$3,903,455 

2. Consists of 16 Locomotives, 23 Passenger and baggage, 193 Freight, and 40 
Gravel cars. In good condition for service. 

8. Deposited with the Trustees of the cities of Hartford and Providence tc provide 
for the payment of the Company's Bonds for $1,000,000 maturing in 1876, 
which were exchanged with said cities. 
Note.— There is $101,200 Preferred Stock, and $245,000 of the bonds of the 

company owned and hypothecated for $276,740, constituting a part of the 

Floating debt. 

1857. 1858. Total. 

ByCompy. By Trust's, 

4 mos. 8 mos. 

$367,895 $77,494 $195,934 $273,428 
20L732 58,577 105,038 163,615 



Gross earnings for year ending Oct. 1 
Operating expenses " " 

Netearnings $166,163 $18,917 

Falling offin 1858, $56,350, equal to about 51 per cent. 



$90,896 $109,813 



72 capitalist's guide and railway annual, 

TABLE OF MONTHLY EARNINGS. 



January 

February.. 

March 

April. 



1856. ! 1857. i 1858. 



$19,175, $17,325' 15,112 I July 

24.883: 27,329j 14.690 ji August .... 

26.300 29,091 j 22.153 !| September . 

29;640! 32,033 24>32 ]! October.. . . 

May i 28,216 31 .921' 23.969 ! November . 

June ' 27,159 32,201 23.143 II December. . 



1856. 



$32,365 
34.517J 

34.130 
3L817 
27;403| 
25.063! 



1857. 

$36,404 
37^18 
40,583 



1858. 

$23,055 
29,642 
30,000 



OFFICERS. 
Byron Sprague, President, E. M. Bridgman, Sect, and Treas. 



Byron Spra&ue, 
James G-. Anthony, 
Henry Lippitt, 
Edson Fenenden, 



Directors. 

Wm. Sprague, 
Stephen Harris, 
Joseph Trumbull, 
John P. Elton. 



Alfred Smith, 
A. S. Beck with, 
Albert Day, 



CHICAGO AND BOCK ISLAND EAILE0AD. 

From Chicago to Rock Island 182 miles, 

The C. & R. I. Company lease the Peoria and Bureau Valley Rail- 
road, from Peoria to Bureau Junction 38 " 

Total length operated by C. & R. I. R. R. Company 220 " 

This Road connects, at Rock Island, with the bridge across the Mississippi 
river, and the Mississippi and Missouri Railway, from Davenport to Iowa City 
and Muscatine ; also at Joliet, with the Joliet & N. I. R. R., and Chicago, 
Alton and St. Louis R. R.;at La Salle with the Illinois Central R, R., and 
crosses the Chicago, Burlington and Quincy K. R. at Tiskilwa. 

Perhaps no Railroad in the Union has suffered by so great a decline in its traffic 
as the Chicago and Rock Island. The great falling off in gross receipts has been 
ascribed to the failure of the crops along its own line as well iis that of its princi- 
pal tributary, the Mississippi and Missouri Road, in Iowa. But it is not wholly 
from this cause that the loss of business is to be attributed. The revulsion in the 
popular idea, two years ago, that fortunes were to be made in lands and in culti- 
vating them, when wheat was comuinnding %\ and corn 60 cents, has wrought a 
change in the pecuniary condition of the farmer, which, with the cessation of 
emigration upon new lands from the older agricultural States, has told with 
powerful effect upon the receipts of all the Western Roads, and upon this one in 
particular ; for it was the great highway fur the large emigration then going 
into Central Iowa. Wheat, Corn, and Pork being the chief productions 
along both of these lines, it has been found, with extreme low prices, that water 
communication was much the cheapest mode of reaching market, and large quan- 
tities of these, as well as other farm products, have gone down the Illinois and 
Mississippi rivers. In periods of low prices this must continue to be the case, and 
it is doubtful if any of the roads traA'crsing the State will, for along time to come, 
enjoy the sam<> elements for revenue? that they did in the years 1855 and 1856. 
Illinois, like Ohio, has too many railways competing for the same business. The 
Chicago and Rock Island ttoad is likely to suffer by a severe competition for tho 
Iowa and river business in the projected road from S'erling to Rock Island, 54 
miles, connecting with the Chicago and Fulton, a branch of the Galeua and 
Chicago. If constructed, it will shorten the distance to Chicago 22 miles. 



CHICAGO AND ROCK ISLAND RAILROAD. 



73 



BALANCE SHEET. 
Fiscal Year ending June 30, 1858. 
Dr. Office, Chicago, 111. 


Cr. 


1. Cost of road, equipment 


$6,776,119 


Capital stock 

4. Bonded debt 


$5,603,000 

1,397,000 

5,651 

537,453 


2. Materials and fuel 

Stock of this road owned 
by the company 

Invested in bridge across 
Miss, river, connecting 
Davenport with Rock 


285,777 
101,500 

161,380 
13,785 

4,408 
200,135 


5. Floating debt 

6. Income account 

1 
1 


111. <fc Miss. "Tel'h stock. 

Debts due the company. 

3. Cash means 




- 


$7,543,104 


$7,543,104 



1. .182 miles of road, station-houses, machine shops and equipment, consisting of 

58 Locomotives ; -57 Passenger, 902 Freight and 58 Service cars ; equal to 
$37,232 per mile. 

2. Fuel on hand 

Iron and other materials on hand 



3. Uncollected revenue and cash in cashier's hands 

Cash in bank 



$160,135 
125,642 

$150,300 
49,835 



$285,777 



$200,135 
$1,397,000 



4. 1st M. 7's, due 1870, int. July and January 

5. Unadjusted balance with N. I. R. R. Company $5,158 

Unpaid dividends 493 

$5,651 

6. The surplus earnings on the 10th July, 1858, were $537,453, equal to about 
10 per cent, upon the capital stock. They have probably been increased from 
subsequent earnings, notwithstanding the company has passed through one of 
the most trying seasons that could be experienced for railway traffic. 

4S~ The length of the Bureau Valley road is 47 miles, instead of 38, as stated 
on the preceding page, making the total length operated by this company 229 
miles. 

The road and equipment are in excellent order for a large business, and its tribu- 
taries have been extended both south and west during the past year, so that the busi- 
ness of 1859 will be augmented by additional facilities. The finances of the compauy 
will contrast favorably with any first-class road in the Union, being entirely free 

from a floating debt, and having a funded debt of only about $7,700 per mile 

requiring but 1,40-100 of per cent of earnings upon the cost of the road to pay 
the annual interest upon it. Like the Galena, the Cleveland, Columbus and Cin- 
cinnati, and the Little Miami, it is a stockholders' road. The intrinsic value of 
the shares (leaving out the temporary disadvantages for revenue) will compare 
favorably with that of 1856 

The road was delivered to the company on the 1st July, 1854. Since that date 
it has declared the following dividends : 
October, 1854. cash 4 per cent. 



April, 1S55, 
October, " " . 
April, 1S56, " . 
October, " " . 
January, 1857, stock. 
April, " cash.. 



Tt 



5 
5 
5 
5 
12J 
5 



74 



capitalist's guide and railway annual. 



The last dividend was paid in April, 18-37 ; that due in October, 1857 (in the 
midst of the financial crisis), was passed for the purpose of paying off every 
dollar of the floating debt. None were paid in 1858 and 1859, owing to the ex- 
traordinary decline in revenue from causes before enumerated. 



Dr. 



INCOME ACCOUNT. 



Cr. 



Operat'g expenses 
Interest 



1857. 



Rent of Bureau 
Valley R. R... 
Cash div., 5 p ct. 
Stock " 12£ " 
Cash " 5 " 
Balance 



$1,036,157 
137,970 

125,000' 
200,885; 
503,600 
246,7251 
133,139 



1858. 



1857. 



1858. 



$778,817 Surplus July 1... $497,280 $133,139 
99,715 Gross earnings... 1,886,196 1,407,846 

125,000 



537,453! 



$2,383,476! $1,540,985! I 



$2,383,476 $1,540,985 



BUSINESS OF THE ROAD FOR THE PAST TWO Yr ARS. 

Fiscal year ending June 30 1857. 1858. 

Gross earnings $1,876,196 $1,407,846 Dec. $478,350 

Operating expenses 1,036,157 778,817 " 257,340 

Net earnings $850,039 $629,029 " $221,010 

1857. 1858. 

Net income from gross receipts, per cent 45,,84 44„67 Dec. ,,33 

on cost of road, " 12.,84 9„30 " 3„54 

for stockholders, Ji 11„20 7„22 " 3,.98 

on length of road, per mile $4,670 $3,723 " $947 

Gross earnings year ending June 30, 1855 $1,242,906 

" -* " " 1856 1,416 304— Inc. over 1855, 14„ p. ct. 

1857. 1,886,196 " " 1856,33,, 

1858. 1,407,846— Dec. fm 1857, 25„ 
9mos. " Mar'h31,1859. 665,387 " " 1858,52„82 < : 

Net earnings year ending June 30, 1855. $624,504 

" " « " 18o6. 707,711— Inc. over 1855, 13„32 " 

1857. 850,039 " " 1856,2(»„33 " 

1858. 629.029— Dec. fm 1857, 26„ 

9 mos. " Mar'h31, 1859. 284,019 " " 1858,54„77 " 

The business for three months of 1859 is partially estimated. Assuming that 
the same per centage of railing off continues for the balance of the fiscal year (end- 
ing June 30, 1859) , the result would be as follows : 

Net income from gross receipts 41„20 per cent. 

" on cost of road 5„41 " 

for stockholders 2„56 " 

Net earnings on length of road $1,994 per mile. 

In no other State in the Union have railways suffered in the reduction of rev- 
enue to the same extent as those located in Illinois. It would be difficult to 
explain all the reasons for so great a change in so short a period. The most 
prominent are the failure of two successive crops of wheat and corn — but to a 
much greater extent along the line of this road and its tributaries than in any 
other part of the State ; — the decline in emigration to all points west of the Mis- 
sissippi river — this road having been for the past three years the principal thor- 



BALTIMORE AND OHIO RAILROAD. 



75 



oughfare for Central Iowa and Nebraska, and the consequences resulting from 
the rapid decline in agricultural products. These misfortunes, any one of which 
would seriously affect the traffic of a railroad penetrating a rich farming district, 
being precipitated with additional force by the financial troubles of 1857, have 
operated with signal effect upon all the trunk lines leading from the lake to the 
river. Upon this and the Galena road they are more conspicuous in their effects 
upon the revenues than upon other Illinois lines. It is hardly possible that the same 
disasters that occurred to the crops of 1857 and 1858 will be repeated in 1859. 





TABLE OF MONTHLY EARNINGS. 






1856. 


1857. 


1858. 


July 

August 

September. . 

October 

November . . 
December.. . 


1856 


1857. I 1858. 


January.... $74,032 
February . . . \ 69,984 

March I 97.114 

April i 133,244 

May j 148,604 

June | 142,416 


$114,003 
64 229 
140.650 
155,711 
146,418 
172,227 


$72,046 
67,307 
92,0<j4 
92,120 
80.595 
95,466 


$157,678 

186.818 
224.751 
237.711 
161,946 
124,053 


$149,912 
153,849 
197,011 
163,541 
128,441 
110.494 


$32,374 

83.385 
9-1,985 
92.760 
73,S83 
60,480 


January 60,057 | Fel 


1859. 
ruary 62,000 


March 71,000 




Henry Farnham 

Henry Farnham, 
Thomas C. Durant, 
William Walcott, 
E. W. Dunham, 


Preside] 


OFFICERS, 
it. £. W 
Directors. 
David Dows, 
J. N. Cobb, 
F. H. Tows, 
C. W. Durant, 
J. F. Tracy, 


Dunham, Treasurer. 

Wm. H. Macy, 
John B. Jervis, 
Ebenezer Cook, 
N. B. Judd, 



BALTIMOKE AND OHIO RAILROAD. 

On page 3S will be found the substance of the thirty-second annual report for 
the fiscal year ending September 30, 1858, with the monthly receipts brought 
down to November, 1858. The following are the leading items connected with the 
finances of the company for the six months ending 31st March, 1859, as com- 
pared with the same period in 1858 : 

1858. 1859. 

Gross earnings $1,817,120 $1,762,790 Dec. $54,330 

Working expenses 1,511,151 843,944 " 667,207 

Net earnings $305,969 $918,846 Inc. $612,877 

Falling off in gross receipts in 1859, about 3 per cent. 
Increase in net earnings " " 200 " 

The decrease in expenses is as remarkable as the small per centage of net earn- 
ings in 1858, notwithstanding the low tariff for freights. These particulars would 
have been very desirable in the present excitement and competition for the 
through business among the four leading trunk lines. 

1853. 1859. 

Net income from gross receipts, per cent 16„81 52„20 Inc. 35„39 

" on cost of road and outfit pr. ct. pr an 

" stock and debt " " 2„58 6„91 " 4„33 

For stockholders 2„55 7„77 " 5„22 

Net earnings on length of road per mile $592 $1,777 $1,185 



76 capitalist's guide and railway annual. 

CHANGES IN THE BALANCE SHEET. 

Sep. 30, 1858. Mar. 31, 1859. 

Floating debt $412,483 $22,399 Dec. $390,084 

Income account 5,052.275 5,660,172 Inc. 607,897 

Sinking fund 937,284 1,097,474 " 160,190 

The available means on 1st April, 1859, were : 

Uncollected revenue $274,396 

Cash on hand 109,048 

Bills receivable 43,423 

$426,867 

From the above exhibit it will be seen that the affairs of the corporation are in 
a very prosperous condition, enabling the directors to declare a dividend of 3 per 
cent, upon the capital (old) stock of the main stem, payable on the 18th May, 
1859, and 4| per cent, on the stock of the Washington branch, payable on the 
25th April, 1859 — both from the earnings of the half (fiscal) 3 7 ear, ending the 31st 
March, 1859. The dividends of the Washington branch are uniform at 9 per 
cent, for the year. Those on the main stem were withheld in 1857-8 for the pur- 
pose of placing the corporation in an easy and comfortable position with regard to 
its debt, which will account for the large surplus exhibited in the balance 
sheet, — equal, on the 1st April, 1859, to six per cent, upon the capital stock. 

The following are the monthly earnings since Nov. 30, 1858 : 

Main Stem. Wash'ton Branch. N. W Va. Total. 

December $278,390 $35,616 $22,845 $336,861 

January 267,356 36,977 22,843 327,176 

February 264,954 36,525 19,912 321,391 

March 339,444 29,800 40,817 410,061 



DELAWARE, LACKAWANNA AND WESTERN RAILROAD. 

From Junction (Clarksville) on N. J. R. R. to Great Bend 135 miles. 

Cayuga Division, from Owego to Ithaca (leased at an annual rent of 
$54,000 33 " 

Total length operated 168 miles. 

This is emphatically a coal road, but its transportation business is increasing, 
and is of considerable importance. It makes connections with the Lackawanna 
and Bloomsburg, at Scranton ; and with the two coal roads from Scranton to 
Honesdale and Hawley ; with the Erie at Great Bend ; the Syracuse and Bing- 
hampton at Binghampton, and the Cayuga and Susquehanna at Owego. 

The embarrassments of September, lfc57, caused a delinquency on the part of 
this company upon a large portion of its coupons maturing prior to 1st January, 
1858, making it necessary for the immediate adoption of a plan for relief. This 
was done in October, 1857, by the stockholders, who, at a subsequent meeting, 
appointed a committee to supervise the settlement of the subscriptions, according 
to the plan suggested at the first meeting. Their report is bx-ought down to the 
29th June, 1858. 

The last annual report embraces the details of the business for the fiscal year 
ending 31st December, 1857. The committee of examination have, however, fur- 
nished a Balance Sheet to the 30th April, 1858 (both of which appear in one 
table), for the purpose of showing the reductions in the floating debt. 



DELAWARE, LACKAWANNA AND WESTERN RAILROAD. 77 













entice to 










r 






3 1 

52b 


Real Estate 
Materials an 
Coal on hand 
Invested in o 
Debts due th 

Cash 

Expenses, C( 

uary 

Expenses, T 

January. . 
Coupons tun 
Less balance 

count 


a © o 

HI 

© 


Q 

a 

c 

o 




V 


Profit and Loss, 1857 
ount, charged 
anuarv 


: s,§- 

* 3 CL 

: >| 

to to 

OD O 


ml Depot since 1st J 
ransportation since 


► 


3 

i 


'- 

0) 

— 
o 
p 




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a" 

s 


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© \> 

: & 


a. 

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oc • 3 
















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»s5f 


<J 




— ■ i;t ■& 1 *. <J 






CO 


62,488 
50,393 
13,278 

2,784 
24,181 
38.732 
39,721 

SI. 758 
53,403 
26,592 


CO 


I 


C0» 


en 


§§ 


i—" 




00 


£*! 


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s fl 


H* W l-i C5X ►*»■•—■ H- (^"Vj 
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m © h->p> v coccjw h»J5»©jM 




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Is 


^ "cc w1?)"*»."<» l to ^^ "com 
3d oi OD^-oxtoi- 1 go cc rf« to 
gc h-< CTwqDH-.cn £. o © o 


'II 






©JO GC^» 








hh f Q »n hri Q 








apital St 
onded De 
loating " 
jntingent 
icome fro 
January 
icome fro 








B: B^ '£§ 








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ft 








o • ? 3 












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78 capitalist's guide and railway annual. 



1. Cost of road, equipment, mineral lands, fixtures, vessels, wharves, coal yards, 

&c, about $68,000 per mile. 

2. On hand 1st January, $133,732 ; added since, $29,484. Total, $163,215. 

3. This amount stands charged as the balance from 1st January last until tho 

close of the year, when the inventory of the stock then on hand is made. 

4. Warren Railroad stock $277,003 

bonds 20,000 

Lackawanna and Sloomsburg Railroad stock 142,450 

bonds 40,000 



5. Bills receivable ! $305,618 



Accounts 

Coal ledger-balances. 



6. Cash in hands of committee. 
Cash in treasury 



101,647 
103,380 

$104,231 
37;i54 



$900,000 



7. 67,205 shares at $50 each 

8. 1st mortgage bonds, due 1871 

1:375 1,500,000 

2d " " 1381 $2,600,000 

Lesson hand $16,500 

Less received on Beaver St. 
Store 15,000 31,500 







2,568,500 
436.550 


I860 




19,000 


" 1867 




769,553 




$67,000 




1859 

1858 


310,000 
268,739 


645.739 

261.2 3 

3,103 














43,309 






18,768 


" fractional certificates 




4,139 



10. 



Cool department fund 

Renewal fund 

Personal property from C. & S. R. R. Co 



$43,334 

133,527 

43,333 



$479,458 

$510,645 

$141,385 

$3,360,250 



$6,184,603 



$976,291 



$210,144 



Dr. 


INCOME 


ACCOUNT. 


Ce. 




1857. 1 

1 


Surplus Dec. 31, 1856 

Gross Earnings from Trans- 


1857. 


Operating Expenses of 
Railroad 


1 
$608,727 1 
1,369,731 

101,300 
444.011 
166,320 
218,832 

$2,908,973 


58,564 
1,2S3,226 
1,542,162 


Coal on hand 1st January, 
1856 


Sales of Coal and Stock 1st 
January, 1853 

Warren and L. & B. Rail- 
road Companies 

- ■■ ■ ■ .j 






25,021 


Surplus 




$2,903,973 



DELAWARE, LACKAWANNA AND WESTERN RAILROAD. 79 

BUSINESS OF THE COMPANY AT SEVERAL PERIODS. 

TRANSPORTATION DEPARTMENT. 

Fiscal year ending Fiscal year ending 3 mos. ending 
Dec. 31, 1856. Dec. 31, 1857. April 30, 1856. 

Gross earnings $315,207 $1,283,226 $383,449 

Operating expenses 405,068 608.727 149,500 

Neb earnings $410,139 $674,499 $233,949 

COAL DEPARTMENT. 

Fiscal year ending Fiscal year ending 3 mos. eliding 
Dec. 31, 1856. Dec. 31, 1857. June 30, 1858. 

S ties and stock on hand $l,0b'0.964 $1,542,162 $1,471,061 

Coal expenses 912,757 1,369,731 1,144,041 

$148,207 $172,431 $327,020 

RECAPITULATION. 

1856. 1857. 

Transportation $410,139 $674,499 Incr. 261,360 

Coal 148,207 172,431 " ' 24/224 

Profits 1553,346 $346,930 $288,581 

Increase from Road in 1857, 64 £ per cent. ; in *185S, 38^ per cent. 
Goal 1853,16-4-a " 1T35S, 90 

* For first three months, f For first six months. 

1856. 1857. ia58. 

Three mos. 
Per centage of net income from road earnings on 

gross receipts $50„31 $52„60 $61„30 

Per centage of net income on cost of Road, from 

traffic and coal 6„64 9,, 15 2„52 

Per centage of net income from traffic and coal on 

Capital stock (after deducting interest on debt, 

rents, &c) 7,,72 *Nothing. 1„70 

Per centage of net earnings of road on length per 

mile $3,038 $4,996 $1,733 

; * The funded debt was $6,162,000, and floating debt $1,052,000. A computa- 
tion of these sums at 7 per cent, amount for one year to $504,980, which, with 
the rents of other roads in the Income Account ($166,320), would absorb within 
a fraction of the whole profits for the year. 

The following is the substance of the statement submitted by the committee 
who were appointed, at a meeting of the stockholders on the 2d of December last, 
to supervise the settlement of the subscriptions to the plan for relieving the Com- 
pany : 

1st. The assessments of 10 per cent, have been settled on $2,740,000 of stock 
and $41,950 surrendered, being the half or $33,900 — thus making an aggregate 
contribution on $2,823,900 of stock. 

2d. The Warren Railroad Company, with a sanction of a meeting of the stock- 
holders, have reduced the interest on the stock of the said Company to 5^ per 
cent, in lieu of surrendering 25 per cent, of their respective shares. 

3d. The C. & S. R. 11. Co. have reduced the annual rent. 

4th. The holders of First Mortgage Bonds, amounting to $1,945,500, have been 
settled with for one year's interest thereon. 

6th. The holders of Second Mortgage Bonds, amounting to $2,366,000, have 
been settled with for two year's interest thereon. The aggregate settlement of 
the two classes of bonds is*$4,31 1,500— an excess of $66,000 on the Second Mort- 
gage over the limit assigned, against a deficiency in the First Mortgage Bonds of 



so 

$154,500 — the two years' interest on the former about balancing the one years' 
on the latter. 

6th. The preferred creditors under the assignment have all been settled with. 

7th. The general creditors have all been settled with, except $11,000, a part of 
which is in small sums on the line of the road, and the claims for a large part of 
the balance have not been presented. 

Though the stock subscription exceeds the limit fixed by over $300,000, there 
still remains more than $100,000 of subscriptions unsettled, and of First and 
Second Mortgage Bonds over $150,000, principally of First Mortgage Bonds. 
Some of the parties making these subscriptions have been prevented from com- 
plying with their engagements by circumstances beyond their control, occurring 
since the subscriptions were made. 

ANALYSIS OF WAY? AND MEANS FOR 1858- 

Up to cOth June, 1S58. 

Assets — Bills Receivable, due 1856 $136,558 

Accounts " " 218,360 

Cash on hand, il " 70,634 

Coal, " 211.950 

$637,503 

Liabilities— Bills Payable, due in IS53 $252,092 

Accouuts " " 311,134 

— $563,226 

Excess of immediate means over liabilities $74,277 

The following additional assets are in the possession of the company. 

Bills K eceivable, due afler 1858 $38,646 

Railway securities 479.458 

$518,104 

Total $592,381 

From which deduct : 

Bills Payable, maturing in 1859 $319,896 

I860 68.858 

$388,754 

Balance of assets $203,627 

The railway securities referred to above are probably of doubtful value and un- 
available, and only introduced to conform to the committee's statement of assets. 
The company must depend upon its earnings to furnish the means to discharge its 
obligations already incurred, and the annual interest on its Mortgage and Income 
Bonds, of which there is but little doubt, now that it has been extricated from its 
embarrasments consequent upon the panic of 1857, and have a surplus besides. 
The assignment having been raised in April, 1857, the managers, with close at- 
tention to expenditures, and an early closing of the constructiou account, ought 
to make this road pay fair dividends to its stockholders. It must rely for a per- 
manency of income upon its coal department — and should the Morris and Essex 
road extend theirs to a point of intersection with the "Warren road, it will have 
another route to tide-water, besides accommodating a local trade along the line 
for a large tonnage. 

OFFICERS. 

C. R. Robert, President. Rufus R. Graves, Vice President. 

Andrew J. Odell, Secretary. 

Managers. 

Drake Miles, George W. Scranton, Henry Young, 

David S. Dodge, Samuel L. Mitchill, Chas. H. Marshall, 

Moses Taylor, John J. Blair, Rufus R. Graves, 

George Bulkley, Christopher R. Robert, John J. Phelps. 



PITTSBURG, FORT WAYNE AND CHICAGO RAILROAD. 81 

PITTSBUKG, FOBT WAYNE AND CHICAGO KAILKOAD. 

From Pittsburg to Chicago, Illinois 471 miles. 

Connecting at Alliance, Ohio, with Cleveland and Pittsburg Railway. 

" Orville, " Cleveland, Zanesville & C. " 

" Mansfield, " Sandusky, M. & Newark " 

" Cresline, " Cleveland, C. and Cinn. " 

" Forest, " Sandusky, Dayton & Cinn. ** 

" Lima, " Dayton and Michigan " 

" Ft. Wayne, Ind., " Wabash and Western •« 

" Plymouth " Cincinnati and Chicago " 

" Laporte, " Michigan S. & N. Indiana " 

This company was formed by the consolidation of the Ohio and Pennsylvania, 
the Ohio and Indiana, and the Fort Wayne and Chicago Railways, August 1st, 
1856. The latter was then in progress, but has since been completed, (the last 
section from Plymouth to Chicago, having been finished a few months since), 
and at the time of consolidation the stock, funded debts and floating liabilities of 
the companies were as follows : 

Capital stock, Ohio and Pennsylvania $2,651,030 

Ohio and Indiana 1,504,377 

Fort Wayne and Chicago 1,787,484 

$5,942,891 

Bonded debt, Ohio and Pennsylvania $4,091,000 

Ohio and Indiana 1,702,000 

Fort Wayne and Chicago 1,204,000 

$6,997,000 

Floating debt, Ohio and Pennsylvania $398,126 

Ohio and Indiana 341,050 

Fort Wayne and Chicago 312,760 

$1,051,936 

Total liabilities of the three companies $13,991,827 

The relations of the several companies to each other, as Stock and Bond- 
holders, at the date of consolidation, were these : 

The Ohio and Pennsylvania Company held : 

Ohio and Indiana Company Stock $100,000 

2d M. bonds 100,000 

3 " 205,000 

Fort Wayne Company Stock 100,000 

$605,000 

The Fort Wayne and Chicago Company held : 

Ohio and Pennsylvania Company Bonds $100,000 

Ohio and Indiana Company Stock 16,750 

" " account unsettled. .. 15,000 

$131,750 

The Ohio and Indiana Company held: 

Fort Wayne and Chicago Company Stock $213,650 

Total $850,400 

This sum, exclusive of interest, was merged, thereby reducing the Capital Stock 
and liabilities of the new company that amount, but rendered nugatory by the 
addition to the Capital Stock account of the new company of 20 per cent premium 
allowed on the stock of the Ohio and Pennsylvania Company, and 6 per cent, 
on that of the Fort Wayne and Chicago Company ; the object been to equalise 
said stock. Purchases were subsequently made from several of the shareholders 
of the Ohio and Pennsylvania Road who had protested against consolidation, to 
the extent (at par) of $125,850, thereby saving the premium of 20 per cent. 



82 capitalist's guide and railway annual. 

The amounts expended on the several roads at the time of consolidation were : 

Ohio and Pennsylvania $6,186,088 

Ohio and Indiana 3,432,053 

Fort Wayne and Chicago 1,916,704 

Total cost $11,534,845 

At that time the equipment of the 

Ohio and Pennsylvania was 51 Engines, 53 Passenger, 608 Freight and ser- 
vice cars. 

The Ohio and Indiana Company had 13 Locomotives, 18 Passenger cars, and 
245 Freight and service cars. 

The Fort Wayne and Chicago Company owned 6 new engines and 12 Plat- 
form cars. 

The Ohio and Pennsylvania Road was completed from Allegany City to Crest- 
line, 187 miles, and in excellent condition. 

The Ohio and Indiana was in operation from Cresline to Fort Wayne, 131^ 
miles, but only 18 miles was ballasted, and the equipment was insufficient for a 
large business. 

The Fort Wayne and Chicago road was in operation and partly ballasted be- 
tween Fort Wayne and Columbia, 20 miles This company had assets, besides 
what was represented in the work done, amounting to $1,430,000, which passed to 
the consolidated company. 

The Pittsburg, Fort Wayne and Chicago Railroad will probably be in opera- 
tion throughout its whole line to Chicago early in 1859, and will then have an 
opportunity to fully test its capacity for revenue in comparison with other trunk 
lines competing for the through business. 



Dr. 



BALANCE SHEET. 

For Six Months ending Jme 30, 1858. 

Office, Pittsburg, Pennsylvania. 



Cr. 



1. Cost of Road and Equip- 
ment 

Real Estate not in con- 
struction account 

3. Materials and Fuel .... 

4. Invested in other roads. 

5. Debts due the com- 

pany 

6. Cash means 

7. Profit and loss 



$14,279,704 

960,423 

102,216 

91,100 

195,176 

54,847 

396,124 



$16,079,590 



8. Capital Stock. 

9. Bonded Debt.. 
10. Floating Debt. 



I $5,259,040 
7,956,075 
1,866,475 



$16,079,590 



1 Cost of the three roads at time of consolidation. . . . $11,072,545 

Balances against them, subsequently settled 401,568 

Increased expenditures, discounts and premiums. . . . 401,568 

On Stocks of O. & P. and F. W. & C. R. R. Co's. . 2,805,591 



Which, with the rolling stock, i3 equal to $30,318 per mile. 



$14,279,704 



The equipment consists of 94 Locomotives, 96 passenger and baggage cars, 
and 1,130 Freight and service cars. 

2. Exclusive of station-grounds and roadway. 



PITTSBURG, FORT WAYNE AND CHICAGO RAILROAD. 83 



Materials in Allegany shop 
" Fort Wayne shop. 

Fuel along the line 

Oil and waste 



$51,137 
18,345 
25,411 
1,323 



$102,216 

$91,100 
$195,176 

$54,847 

7. These items are put under head of Profit and Loss by the compiler, because 
they consist of the following, and should be sunk at once : 



4. Stock in Springfield, M. Vernon & Pittsburg Rail- 

road Company (of little value), at par 

Bonds of Dayton & Michigan R. R. Co., 85 per ct. . 

5. Notes and accounts considered good 



6. Uncollected revenue . 
Cash 



$77,500 
13,600 



$41,596 
13,251 



Balance due from late (defaulting) treasurer 

Unadjusted accounts entirely unavailable 

Coupons paid in advance and funded 

Balance of income account (against the company) . 



$69,792 

19,736 

181355 

125,241 



8. Paid up in full $6,189,350 

Scrip given for fractional parts of int. and premium . 67,690 



$396,124 



$6,257,040 



9. 1st M. Bonds O. & P. R. R. Co., due July 1, 1865 



2dM 

Income 

Bridge 

IstM. 

2d M. 

3d M. 

IstM. 

Real Est. 

M. Cons. 

BealEst. 

Sink'gFd 



O.&I. 



F. W.&C. 
P. F. & C. 



Jan. 1,1866.. 
Ap'l 1,1873.. 
May 1, 1876. . 
Feb 1,1872.. 
Oct. 1, 1873. . 
Sep. 1, 1864. . 



July 1, 
Ap'l 1, 
Jan. 1, 
Dec. 1, 
Jan. 1, 
Feb. 1, 
Ap'l 1, 



1873.. 
1874. . 

1887.. 
1866.. 
1863.. 
1863.. 
1863.. 



$1,000,000 

750,000 

1,991.000 

133.000 

1,000,000 

380,000 

17,000 

1,250,000 

498.000 

526,000 

157,500 

134,505 

35,070 

84,000 



$7,956,075 



This company executed a general mortgage of the whole property of the 
road January 1, 1857, subject to existing ones, as detailed above, for 
$10,000,000, in 7 per cent bonds; construction bonds to the amount of 
$3,500,000, to complete and equip the road into Chicago ; and $6,500,000 re- 
demption bonds, held by the trustees, to make timely provision, by sale or 
exchange, for the funded debt of the company. It will be seen that $526,000 
has been used, only about $220,000 having been sold for cash. 



10. Bills payable of the consolidating companies. 
P., F. W. & C. Co.... 



Warrants payable 

Unpaid construction accounts 

" Transportation " 

Other accounts due by the company 

Coupons due prior to Jan. 1, 1858, to be paid in cash . 
" on and since " " . " 

to be funded 

Balances due to railway companies 



$41,583 

1,148,269 

66,972 

67,627 

248,271 

105,263 
20,468 
21,435 

138,460 
8,127 



$1,866,475 



84 capitalist's guide and railway annual. 



Dr. 



INCOME ACCOUNT. 



Ck. 



Balance Dec. 3, '57. 
Operat'g expenses. 
Taxes, 17 mos... . 
Interest on funded 

debt, 18 mos... 
Other int., 17 mos. 
Six per ct. int. on 

full stock of Co. 

to July 1, '57... 
Extra operating 

expenses and 

diff. in earnings. 
Other charges 



'From Aug. 

1, 1856, to 

|Dec.31, '57. 

$1,308,446 
56,043 

649,359 

131,875 



350,463 



13,436 
2,925 



$2,512,547 



Six months 
in 1858. 



$55,446| Gross earnings 

455,568 | Other receipts ] 

19,655; Balance I 



260,190 
35,704 



5,193 



$831,756 



'From Aug. 
1, 1856, to 
Dec 31, '57. 

'$2,448,917 

8,184 

55,446 




$2,512,547 $831,756 



* One of the items of profit and loss in Balance Sheet. 



BUSINESS OF THE PAST TWO YEARS. 

The gross earnings, from Aug. 1, 1856 (at time of consolidation), to 

31st Dec , 1857, 17 months, were $2,456,004 

Operating expenses, same time 1,321,882 

Net earnings same time $1,134,122 

Net income from gross receipts, 17 months 46„19 per cent. 

" on cost of road, per annum 5„60 " 

" upon capital stock, after deducting in- 

terest on debt and taxes, 17 mos. . . 4,, 83 " (About 3 4 per an.) 
Net earnings on length of road, 17 months, $2,408 per mile. 

BUSINESS FOR irIX MONTHS ENDING JUNE 30, 1858. 

1857. 1858. 

Gross earnings $839,844 $706,515 Dec. $133,329 

Operating expenses 514,003 455,568 " 58,435 

Net earnings $325,841 $250,947 " $74,894 

Falling off in gross earnings in 1858, 6 mos., 16 per cent. ; for the year, 32 per ct. 

1857. 1858. 

Net income from gross receipts, per cent 38,,03 35„c9 Dec. 2„64 

" on cost of road, per cent 2„32 1„70 " „62 

" on capital stock, after deducting 

interest on debt, taxes, &c „71 minus 1,,11 " 1,,82 

Net earnings on length of road, per mile $692 $533 " $159 

The net income on cost of road, on capital etock, and on length of road per 
mile being for six months, the reader must double the estimates to ascertain the 
same results for the year ; thus, the deficiency in 1858 to meet the current inter- 
est, taxes, <fcc, from the net income from the road, in the s-ame ratio for the first 
six months of the fiscal year of 1858, will be 2,, 22 per cent, against the capital 
stook of the company. 



CENTRAL RAILROAD OF NEW JERSEY 



bo 



TABLE OF MONTHLY EARNINGS. 



January. . 
February . 
March. . . 

April , 

May . 

June 



1857. 1858. 



$117,334; $94,736 
114,104| 97.770 
165,492 
162,742 
130,587 
130,321 



1856. 



1857. 



150,878 
139,805 
115,405 
107,921 



1858. 



July !$11 9.556 $107,949 

August $153,263 136.717 147,114 

September 172.155! 182.482 175.743 

October 181,812! 160,901 163:514 

November 149,193 128,560 

December 136.414 111.629 



The earnings, thus far, since 1st July, 1858, are within a fraction of the same as 
for the same period in 1847. Whether the transportation expenses continue about 
the same per centage of the gross receipts, which were unusually large, being 
64,,61 of the earnings of the road for the first six months, the reader must deter- 
mine by the next semi-annual statement, to be made up December 31sfc, 1858. 



OFFICERS. 



J. Edgar Thomson, President. 
J. K. Edgerton, Vice-Pres't. 
John P. Henderson, Treasurer. 



T. H. Dupuy, Pres. pro tern. 

A. Bradley, Secretary. 

Jos. H. Moore, Superintendent. 



G. W. Cass, 
Samuel Hanna. 
W. Wade, 
A. L. Wheeler, 
C. M. Russell, 



Directors. 

Robert Kelly, 
W. Robinson, Jr., 
J. L. Willi ams, 
G. W. Bailey, 
Wm B. Ogden, 



J. Edgar Thomson, 
J. K. Edgerton, 
John Farwell, 
John Evans, 
R. W. Winslow. 



CENTEAL EAILROAD OF NEW JERSEY 



From Elizabethport to Easton, Pa 64 miles . 

including the Ferry from Pier No. 3, North River, to Elizabethport. 12 " 



Total distance 76 miles. 

This road connects at Elizabeth with the New Jersey ; at Clarksville Junction 
with the Delaware, Lackawanna and Western ; at Easton with the Lehigh Val- 
ley, and the various coal roads diverging from Allentown, Mauch ChuDk and 
Reading. Some of the latter are in progress of construction, and will, when 
finished, be valuable tributaries not only for coal but for general traffic. The coal 
business of this road is destined to be an important element in its revenue, and 
should be nursed with the greatest care. 

The increase during the six months ending Sept. 30, 1858, as compared with 
the same period in 1857, is most striking, viz : 

1858. 1857. 

Tons. Tons. In Tons. 

From the Lackawanna Mines 241286 132.616 Inc. 81 per ct. 

" Lehigh Mines 65,712 45.284 " 45 " 



5,998 178 000 



72 



86 capitalist's guide and railway annual. 



BALANCE SHEET. 
Fiscal Year ending October 1, 1858. 



D 


ft. 


Office, N 


ew York. 




Ce. 


1 


Cost of Road. 


$4,481,450 
429,200 

264,912 
107,723 

36,547 

256,250 

11,550 

29,658 

$5,617,290 


Capital Stock. 

5. Bonded Debt. 

6. Floating Debt. 
Net earnings, 

6 mos 

Less Int., &c. 




$2,000,000 
3,375,000 


9 


Cost of Equipment 

Real Estate not in Con- 
struction Account.... 

Materials and Fuel 

Telegraph Docks, Ma- 
chinery, &c 

Ferry Interest,Boats,&e. 

Stock of this Company. 

Cash 




3 




117,307 


4 


$269,451 
144,468 


124,983 








$5,617,290 



1. Cost of road proper, about $70,000 per mile for a double track of 48 miles ; in- 

cluding equipment and real estate, $80,858 per mile, or $46,210 for 111 miles 
of single track. 

2. Consists of 30 Locomotives, 28 Passenger and baggage cars, and 180 Freight 

and 58 Service cars. 



3. Station houses, shops and water tanks. 
Land and works at Elizabethport 



4. Chairs, spikes, ties and rails, on hand. 

"Workshop materials 

Fuel 



5. 1st Mortgage Bonds, due 1860. 



2d 

Income Bonds. 



1870. 
1875. 



$131,800 
133;il2 



21,050 
52,541 



$500,000 
500,000 
500,000 

1,500,000 
375,000 



6. Bills Payable and sundry accounts 



$264,912 



$107,723 



$3,375,000 
$117,307 



Dr. 




INCOME ACCOUNT. 




Ce. 




1857. .! 1858. 


Surplus March 1, 
1857 


1857. 


1858. 


Operating Expen- 


j 

$295,235! $325,748 

16,147 22,363 

187,796 265,074 

133,000: 


$17,624 
614,554 




State Tax 


Gross Earnings. . . 


$682,940 


Two Dividends, Z\ 




Rebuilding Bridge 
and Hotel burnt 

Reduction in Fer- 
ry Boats, &c. . . 

Bal surplus, 1857. 




20,317 

31,814 
17,624 






$632,178! $682,940 


$632,178 


$682,940 



CENTRAL EAILROAD OF NEW JERSEY. 



87 



BUSINESS FOR TEE PAST TWO YEARS. 
For fiscal year ending April 1st, 1857. 1858. 

Gross receipts $614,554 $682,940 Inc. $68,386 

Operating expenses 295,235 325,747 " 30,512 

Net earnings $319,319 $357,193 " $37,874 

Increase in gross earnings in 1858, 11 per cent. 

1857. 1858. 
Net income from gross receipts, per ct. 52,, 52„30 Inc. 30 
" on cost of road, &c. " 6„31 6„90 " 59 
" on Capital Stock (after 
deducting interest on debt and tax- 
es), per cent 5„76 3„49 Dec. 2„27 

Netearnings on length of road, pr mile. $4,989 $5,581 Inc. $592 
Apportionment of expenses between the road and ferry gives : 

1857. 185& 

For the road, per mile run 70 68 Dec. 02 

" boats, " 202 182 " 20 

SEMI-ANNUAL STATEMENT. 

For year ending September 30th, 1858. 1857. 

Gross earnings $445,473 $370,132 Inc. $75,340 

Operating expenses 176,021 178,846 Dec. 2,825 

$269,452 $191,286 Inc. $78,165 

Increase in gross receipts last 6 months 20 per cent. 

" net " " 22 

Net income from gross receipts 60, ,40 " 

" on cost of road 5,, 16 " 

" on capital stock (after deducting interest on debt and 

taxes) 6„ " 

Net earnings on length of road $4,210 pr mile. 



TABLE OF MONTHLY EARNINGS. 



January, . 
February, 
March, . . 

April, 

May, 

June, 



1856. 


1857. 


1858. j 


$40,389 
36,665 
41,242 


$36,692 
53,653 

76,482 
63,050 
53,860 
65,854 


$53,765 ! 
49,626 
64,063 

70,908 
72,978 
73,827 



July 

August 

September. 
October . . . 
November . 
December. . 



1856. 

$51,035 
50,761 
54,028 
60,630 
52,673 
60,304 



1857. 1858. 



$59,503 
62,645 
65,221 
44,039 
40,561 
60,754 



$77,286 
77,845 
72,629 
71,633 



OFFICERS. 

John T. Johnston, President. G. M. Mllligan, Sec'y and Treas. 

John O. Sterns, Superintendent and Engineer. 



John T. Johnston, 
John C. Green, 
Wm. E. Dodge. 



Directors. 
Adam Norrie, 
Ben j. Williamson, 
John O. Sterns, 



Alfred Vail, 

F. T. Frelinghtjysen, 

Henrl D. Maxwell. 



88 capitalist's guide and railway annual. 



ATLANTIC AND ST. LAWEENCE EAILEOAD. 

From Portland, Maine, to Island Pond, Vermont 149 miles. 

Connecting with the Grand Trunk Railway of Canada : crosses the Kennehec and 
Portland R. R. at Yarmouth Junction ; connects with the Androscoggin and Ken- 
nehec R. R. at Danville Junction ; Buckfield Branch at Mechanics' Falls ; and 
Quebec Branch of the Grand Trunk R. R. at Richmond. This road is leased to 
and operated by the Grand Trunk Railway of the Canadas. 

The reports of this company are very meager, containing nothing by which the 
cost of the road, equipment, real estate, or assets of any kind can be determined ; 
nor does it contain any thing relative to the revenue of the road, the nature of the 
lease, or when it expires. The only information that stockholders are permitted 
to know is the following : 

Capital Stock— 11,201 sha'rs in Federal currency, $100 $1,120,100 

2,836 ri Sterling " £100 1,372,624 

136 Fractional share rights, $16 ea.. 2,176 

$2,494,900 

Funded Debt— Bonds of the Co., 1866, dol $988,000 

1878, stg 484,000 $1,472,000 

City of Portland— Bonds loaned to the Co 2,000,000 

Floating debt 9,572 

Total liabilities $5,976,472 

The City of Portland holds as collateral 15,000 shares of the Company's stock, 
and $500,000 of the Mortgage Bonds. 

The company has two sinking funds — one established August 1, 1848; and the 
other July 27, 1850. 

The investments up to the close of the last fiscal year amount to $244,952, leav- 
ing a cash balance at the credit of two funds of $1,153. The company pay semi- 
annual dividends of three per cent. 



OFFICERS. 
St. John Smith, President. Chas. E. Barrett, Treasurer. 



NEW JEESEY EAILEOAD. 

From Jersey City to New Brunswick 31 miles. 

The Philadelphia Trains are formed by a running connection with this road 
and the Camden and Amboy, and with these and the Philadelphia and Trenton 
Railways, thus making two routes from Trenton— one on the east side of the Del- 
aware river to Camden (opposite Philadelphia), and the other on the west side, 
through Bristol to Tacony. 

It also connects at Newark with the Morris and Essex, and Newark and 
Bloomfield Railways ; at Elizabeth with the New Jersey Central ; at New Bruns- 
wick with the Millstone ; at Trenton with the Belvidere Delaware and Fleming- 



NEW JERSEY RAILROAD. 



89 



ton j at Bordentown with the Camden and Amboy : at Burlington with the Burling- 
ton and Mount Holly ; and at Camden with the Camden and Atlantic Railways. 
This company, in addition to its road, own and operate the Jersey City Ferry. 
The whole cost of the new depot, ferry buildings and appurtenances on both 
shores of the Hudson, including bulkhead, >lips, docks, bridges, &c, is $250,228. 
This is exclusive of the fee simple of the land dedicated to railroad and ferry ac- 
commodations on both sides of the river ; and if the value of adjacent property 
is a guide, the whole ferry property, exclusive of boats, may be valued at a half 
a million of dollars. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending January 1, 1858. 

Office, Jersey City. 



1. Cost of Road ! *3,361,3J3 



Cost of Equipment 

Bridge Ferry, Turnpike 

and other Stocks, Real 

Estate, Ferry Boats, 

privileges, &c 

Cash 



293,675 



1.040,369 

18,789 



$4,719,176 I 



Capital Stock 

Bonded Debt 

Floating Debt 

Dividend payable Feb. 1. 

Profit and Loss. $296,727 

Less paid for re- 
lay 'g road with 
new rail 25,644 



Cr. 

$3,483,000 

777,000 

11,843 

174.250 



271,083 
14,719,176 



1. Cost of road, double track, $108,430 per mile ; if reduced to a single track, the 

cost will be $54,215 per mile, embracing the right of way through a valua- 
ble portion of the state. 

2. Locomotives $130,897 

Cars of all kinds 167,778 

$293,675 

3. Bonds issued to the Jersey associates, for ferry privi- 

leges, leases, boats, &c $485,000 

Other bonds 292,000 

$777,000 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 

$376,866 

17,425 

44.865 

16,800 

3-13,490 

107,171 


Gross Earnings. . . . 


1857. 


1858, 


Operating Expen's. 

Tax on Capital 

Stock 


$400,716 

17,425 

42.635 

16^34 

348,470 

85,258 


$910,638 


$911,617 






Transit duty 

Two Dividends .... 
Balance to P. & L . 






$910,638 


$911,617 


$910,638 


$911,617 



90 



capitalist's guide and railway annual. 



BUSINESS FOR THE PAST TWO YEARS. 

Ending January 1, 1857. 1858. 

Gross receipts $910,638 $911,617 

Operating expenses . . 400,716 376,866 

Net earnings $509,922 $534,751 

Increase in gross receipts in 1858, 0„01 per cent. 
" net earnings " 4„87 " 

1857. 1858 

Net income from gross receipts, per cent. 56,, 58, ,65 

on Cost of road, " 14„49 14„34 
" Capital Stock (after de- 
ducting interest, taxes and transit 

duos, per cent 12,,45 13„14 

Net earnings on length of road per mile. $16,449 $17,250 



Inc. 
Dec. 



$979 

23,850 



Inc. $24,829 



Inc. 2„65 
Dec. „15 



$801 



John S. Darcey, President. 
F. W. Jackson, Secretary. 



John S. Darcey, 
Dudley S. Gregory, 
A. O. Zabriskie, 



OFFICERS. 



John P. Jackson, Vice Pres. and Sup't. 
M. J. Sotjthmayd, Treasurer. 



Directors. 
John P. Jackson, 
Stephen Whitney, 
Hamilton Fish, 



H. R; Remsen, 
John Acker, 
J. J. Chetwood, 



VIRGINIA AND TENNESSEE RAILROAD. 

From Lynchburg, Va., to Bristol, Tenn 204 miles. 

Salt Works Branch 9 " 

Total length 213 miles. 

Connecting at Bristol with the East Tennessee and Virginia Railway, and at 
Lynchburg with the South Side Railway and Norfolk and Petersburg road, at 
the latter place, giving an unbroken lino of road from the seaboard to the Missis- 
sippi River. It requires but the completion of about 60 miles between Lynchburg 
and Charlottesville, 29 miles from Cleveland to Chattanooga, and a gap of about 
80 miles of the Mississippi Central Railroad, to form a continuous line of railway 
from Alexandria to New Orleans. The following are the distances from Wash- 
ington City by this route, viz : 

By the Orange and Alexandria R. R. to Lynchburg 176 miles. 

" Virgiuia and Tenn. " " Bristol 204 " 

" East Tenn. and Va. " "Knoxville 130 " 

" East Tenn. and Georgia " " Cleveland 85 " 

" Cleveland and Chattanooga " Chattanooga 29 " 

" Memphis and Charleston " " Grand Junction 257 " 

" Mississippi Central " " Canton 165 " 

" N. O. and Great Northern " " New Orleans 206 " 

Total distance 1,252 miles. 



VIRGINIA AND TENNESSEE RAILROAD. 



91 



When these connections are all perfected, the mails, which are now carried 
through by the above roads and stages to New Orleans, under a contract dating 
from 1st July last, in four and a half days, can be delivered in seventy-five hours 
from Washington City. This route must from the same causes, become the pop- 
ular one for long travel, as it passes through an interesting and healthy portion of 
the United States. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending June 30th, 1858. 

Office, Lynchburg, Va. 



Cr. 



1. Cost of road — main line . 
Salt Works Branch 

2. Cost of equipment 

Lynchburg and A. Tel. 


$5,920,235 
215,553 
599,367 

2.400 

84.102 

81,597 

117,265 


6. Capital stock 

7. " " preferred. 
! 8. State of Virginia 

9. Bonded debt 


$2,863,599 

555,500 

1.090,000 

1,743,000 


10. Floating debt 

Income account 

1 
1 
1 


626,374 
172,046 


3. Subscriptions uupaid . . . 

4. Debts due the company. 








$7,050,519 


$7,050,519 



1. Cost of road, including real estate, $29,019 per mile ; including Salt Works 

Branch and equipment, $31,761 per mile. This work is judiciously built, 
and its intrinsic value, at the present price of materials, assimilates nearly 
to its original cost. 

2. Consists of 24 Locomotives, 22 Passenger and Baggage cars, 404 Freight and 

Service cars. 

3. State, $58,900 ; Individual, $25,202. Total, $84,102. 

4. Bills receivable, maturing $5,122 

Due from agents 13,775 

" contractors 23,845 

Open accounts 38,855 

$81,597 

5. Uncollected revenue $57,364 

Cash deposited for Salt W. Br. coupons 6,120 

" in treasury 53,781 

$117,265 

6. Subscribed for by the State of Va. . . . $1,798,900 
Less amount unpaid 58,900 

$1,740,000 

Subscribed for by individuals $1,148,800 

Less amount unpaid 25,201 

1,123,599 

$2,863,599 

• 

7. Preferred stock, subscribed by State of Virginia $500,000 

" " " individuals 55,500 

$555,500 

8. Loaned by State of Virginia, for 34 years $1,000,000 

Advanced " " 90,000 

$1,090,000 



92 capitalist's guide and railway annual. 



9. 1st M. Bonds, Dec. 31, 1872 $1,500,000 

Less held by State for loan 1,000,000 

$500,000 

Enlarged (2d M.) Bonds, June 30, 1884 1,000,000 

Balance outstanding old issue, 2d M 23,500 

Income M. (3d) Bonds, Dec. 31, 1865, . . $800,000 

Less on hand 783.500 

16,500 

Salt Works Br. Bonds, due 1859, '60, '61, '62 .... 203,000 

10. Due individuals $101,213 

Bills payable maturing 219,780 

Plain bonds " 12,172 

State Virginia arrearages of interest 292,622 

Overpaid by stockholders 587 



$1,743,000 



$626,374 



Dr. 



INCOME ACCOUNT. 



Cx. 





1858. 


Gross earnings, prior to 
Sept. 30, 1856 


1858. 


Operating expenses 

Proportion of interest and 
discounts while road was 
building, not charged to 


$269,026 

149,199 
320,007 
440,746 
10,762 
172,046 


$573,990 

766,895 
20,901 


Gross earnings, from Oct. 
1, to June 30, 1858 


Interest on Bonded debt . . . 
Repairs of road and equip. 
Profit and loss account .... 
Balance 






$1,361,786 


$1,361,786 



BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending June 30 1857. 1858. 

Grossreceipts $400,986 $468,191 Inc. $67,205 

Operating expenses 210,079 244,951 " 34,872 

Net Earnings $190,907 $223,240 " $32,333 

Increase in Gross receipts in 1858, about 17 per cent. 

1857. 1858. 

Net income from Gross earnings per cent. 47„60 47„47 Dec. „13 

Cost of road " 3„00 3„30 Inc. „30 

Deficiency from net earnings to meet interest on 

debt and Preferred stock, and the 1 per cent. • 

to the State— on Capital (old) Stock, per cent. 9„93 7„90 Dec. 2„03 

Net earnings on length of road, per mile $896 $1,048 Inc. $152 

The earnings since July 1st have been more than doubled, as compared with 
same period last year, and would have been still further augmented had the com- 
pany been in receipt of engines and cars necessary to meet the unexampled in- 
crease of traffic. 



RUTLAND AND BURLINGTON RAILROAD. 93 

TABLE OF MONTHLY EAENINGS. 



j 1856. 

t 

January.... $10,168 
February — 15,354 

March j 24.203 

April 31/720 

May 27.547 

June I 22.031 



1857. 



1858. 



$21,527 

24,979 
35.214; 
37.343 
26,418 
31.799 



$29,185 ! | Jul v 

27, 156 August... 

37,704 1 1 September 
47,117 October.. 
48,390 I November. 
39,945 II December. 



1856. 

$25,186 
37,956 
39,367 
38,047 
43,383 
39,770 



1857. | 1858. 

$30,063' 
46.922 
45! 098 
36.815 
36:908 
42.873 



OFFICERS. 

John R. McDaniel, President. F. G. Morrison, Treasurer. 

W. C. Smith, Superintendent. 



Wm. H. Hughes, Secretary. 



John R. Mc Daniel, 
Thos. L. Preston, 
Saivi'l Garland, Jr., 



Director, 



Wm. Ballard Preston, 
Wm. A. Read, 
John M. Preston, 



G. C. Kent, 
James F. Johnson, 



BUTLATO AND BUBIINGTON BAILB0AD. 

From Bellows Falls (on Connecticut River), to Burlington, Vt 120 miles. 

Connecting at Bellows Falls with the Cheshire : Vermont Valley, and Sullivan 
Railways ; at Rutland with the Troy, Whitehall and Castleton, and Western 
Vermont Railways, and at Burlington with the Vermont Central and Montreal 
and Canada Railways ; also, with "the Steamboats on Lake Champlain. 

This Road has been operated by the Trustees of the Second Mortgage Bonds 
since the 1st May, 1855. 





BALANCE SHEET. 




Fiscal 


Year ending August 31, 1858. 




Dr. 


Office, Rutland, Vt. 


Ok. 




$3,989,70S 
1,477,756 


Capital Stock Old 

8 per cent, preferred " 


$1,242,500 
382,700 


2. Expenses and discounts . 


3 Cost of equipment 


556,275 


6 " " " 


608,176 


Real estate not in con- 




6. Bonded debt 


3,145,001 


struction account 


34,175 


7. Floating debt 


1,013,764 


Materials and fuel 








4. Invested in other roads . 


33,105 






Preferred St'k 








of this Co 


40,000 






Steamboats and barges. 


57,754 






Telegraph Stock 


2,000 






5. Debts due the company. 


201,368 








$6,392,141 


$6,392,141 



94 capitalist's guide and railway annual. 

1. Embracing grading, masonry, land and land damages, fencing, superstructure, 

stations and buildings, bridges and engineering — cost of which is $33,248 
per mile ; including equipment, and $1,477,756 interest, salaries and dis- 
counts upon bonds of the company, $50,920 per mile. 

2. Expenses $67,239 

Salaries 50,000 

Interest on loans 333.925 

stock 10\060 

bonds 332.587 

Discounts on " 590.945 

$1,477,756 

3. 26 Locomotives ; 23 Passenger, baggage and mail cars, and 558 Freight and 

service cars. 

4. Vermont Valley Railroad Stock $6,750 

Plattsburg and Montreal Railroad Stock 26,355 

$33,105 

5. Sundry accounts $121,392 

Bills receivable 25,509 

Delinquent subscribers 54,467 

$201,368 

6. 1st M. Bonds $1,800,000 

2d " 913,500 

3d " 426,400 

Convertible notes 5,101 

$3,145,001 

7. Bills payable.' $589,166 

Six per cent. Bonds 298,500 

Interest " 23,900 

" scrip 17,199 

Dividends on preferred Stock 9,060 

Coupons 353 

Accounts 77,586 

$1,013,764 



Da. 



TRUSTEES' ACCOUNT. 



Cb- 



Operat'g expenses 

Invested in coupons 

Due Feb. 1, 1854 

Fuel 

Materials 

Real estate 

Balance of assets. . 



1857. 



1858. 



$306,904; $290,527 



63,000 
40,178 
29,559 S 
20.617 J 
37,424 1 
*94,184 



1857. 



1858. 



Surplus, Sept. 1,1 

1856 ! $167,454! $243,175 

Gross earnings. . . ! 382,625! 332,314 



243,175; 



$550,079 ! $575,489 



* Due from connecting roads. 

" stations 

" agents , 

Due in accounts 

Cash on hand 



; $550,07 9: $575,489 

$37,526 

11.068 

4,381 

34.195 

7,014 

$94,184 



SEABOARD AND ROANOKE RAILROAD. 95 

Year ending August 31 1857. 1858. 

Gross earnings $382,625 $332,314 Dec. $50,311 

Operating expenses 306,904 290,527 " 16,347 

Net earnings $75,721 $41,787 " $33,934 

Falling off in receipts in 1858, about 19 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 23,, 04 12,,57 " 10„47 

" on cost of road ; " 1„90 1„40 " „50 

" on cost of road, including equipment 

and discounts, per cent 1 J5 25 ,,69 " ,,56 

Deficiency in net income to provide for annual in- 
terest on Debt and Preferred Stock, upon the 

Old Stock 22i 254 " 2| 

Net earnings on length of road, per mile $631 $348 " $283 



OFFICERS. 

Thomas Thacher, President. 
G. B. Gibbons, Treasurer. E. A. Chapin, Superintendent. 



Thomas Thacher, 
B. T. Reed, 



Directors. 
A. Went worth, Jr., 
Harrison Fay, 
Paris Fletcher. 



J. B. Bowditch, 
D. A. Smalley, 



Samuel Henshaw, } m , 
Thomas Thacher, J Trusteee - 



SEABOAED AND E0AN0KE EAILEOAD. 

From Portsmouth, Va., to Weldon, N. C 80 miles. 

Connecting with the Wilmington and Weldon, Raleigh and Gaston, and Nor- 
folk and Petersburg Railways. 



Dr. 



BALANCE SHEET. 

Fiscal Year eliding January 31, 1858. 

Office, Portsmouth, Va. 



Cr. 



1. Cost of Road, Equipm't 

and Real Estate 

2. Invested in other R. R's 

3. Bonds of this Company 

purchased 

Debts due the Company. 
Cash 



$1,360,988 
33,700 

19,500 

25,588 

9,261 



$1,449,037 



Capital Stock, 

4. Common 

5. Preferred 

6. Bonded Debt.... 

7. Floating Debt.. 
Income Account. 



$419,000 

225,000 

473,940 

59,776 

271,321 



$1,449,037 



96 capitalist's guide and railway annual. 

1. Cost of road, equipment and real estate, $17,012 per mile. 
Equipment consists of 10 Locomotives, 11 Passenger and baggage 

Freight and 18 Service cars. 

2. Raleigh and Gaston Railroad Stock $32,500 

Roanoke Valley Railroad Bonds 1,200 

3. 1st Mortgage Bonds $9,000 

4th " 10,500 

4. City of Norfolk $75,000 

Individuals 344,000 

5. Guaranteed dividend of 7 per cent. 

6. 1st M. Bonds, due I860 $300,000 

3d " " 1870 75,000 

4th " " 1866 44,000 

Extended and Convertible 16,000 

7. Bills Payable $46,370 

State of North Carolina 10,774 

Accounts 2,632 



cars, 151 

$33,700 

$19,500 

$419,000 

$435,000 
$59,776 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. i 1858. 


Surplus, Jan. 31, 
1856 & 1857.... 

Gross earnings. . . 
Other receipts 


1857. ( 1858. 


Operating expen- 
ses 

Interest 

Two dividends on 
Preferred Stock 


$120,660 
35,775 

15.750 

3,005 

221,564 


$135,089 
38,102 

15,750 

2,119 

271,321 


$293,088 
203,666 


$221,564 
232,434 

8,383 


Surplus 






$496,754 ; $462,381 


$496,754 $462,381 



1857. 1858. 

Gross receipts $203,666 $232,434 Inc. 

Operating expenses 120,660 135,089 " 



$83,006 $97,345 



Increase in gros3 receipts, in 1858, 14 per ct. 

Net income from gross receipts, per cent. . . 
" on cost of road, " 

" on old Stock, after deducting 

interest on debt and dividend 

on Preferred Stock 

Net earnings on length of road, per mile . . . 



40„76 
6„64 



7, ,51 
$1,037 



41,, 88 
7„15 



10„38 
$1 : 217 



$28,768 
14,429 

$14,339 



1„12 
1„01 



2„87 
$180 



MOBILE AND OHIO RAILROAD. 

TABLE OF MONTHLY EARNINGS. 



97 





1856. 1857. 


1858. 


July 


1856. 


1857. 


1858. 


January 


$12,480 


$15,575 


$16,042 


$19,358 




February . . . 


$13,432; 15,542 




August 


16,911 


20,688 




March 


15.9561 20,306 




September. . 


21,783 


26.765 




April 

May 


19,3 11 J 20,324 




October 


22,293 


22,524 




17,318 18 494 




November . . 


17,309 


17,698 




June 


14,520| 18.137 




December.. . 


16,261 


17,022 





OFFICERS. 

Samuel L. Wilson, President. 
Richard Walke, Treasurer. Alexander Worrell, Superintendent. 



Thomas Hume, 
David A. Barnes, 



Directors. 

Moncure Robinson, 
J. Marsden Smith, 



George R. Vickers, 
Wm. L. Savage. 



MOBILE AND OHIO KAILE0AD. 

From Mobile, Ala., to Columbus, Ky 473 miles. 

Columbus Branch (in progress) 14 " 

Paducah " " ** 59 " 

Total, when completed 546 miles. 

finished. 
Southern Terminus. 

From Mobile to West Point, Miss 232 miles 

Northern Terminus, 

From Columbus, Ky, to Jackson, Tenn 86 " 

318 miles. 

in progress. 

From West Point to W. boundary of Pontatoc Co 34 miles. 

All graded, and iron to be laid by 1st January, 1859. 
From Pontatoc Co. to Tennessee line 67 " 

Only partially graded. 
From State Hue to Jackson, Tenn 54 " 

Only partially graded. 
Branch from Artesia to Columbus, Miss 14 " 

All graded, and track to be laid by 1st January, 1859. 
Paducah Branch, from Junction to Paducah 59 " 

Partially graded. 228 miles. 

Total 546 miles. 

This company has a grant of lands of 1,120,000 acres, donated by Congress, 
which is the basis of a Sinking Fund. 

9 



98 



CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 



The work has progressed steadily from its commencement in 1851, and had not 
the financial crisis, so fatal to all railway enterprises, overtook it, the track by 
this time would have reached the Tennessee line* 

The company has unsold of its Sterling and Income Bonis, $4,556,700, which, 
with its numerons stock subscriptions, will be applicable to the extension of the 
road into Tennessee. When this is done, the company will be entitled to receive 
for its construction to Jackson, $470,000 in the bonds of that State, which with 
the aid already received from it, will be sufficient to complete and equip the road 
through Tennessee. 

The total amount invested in the different sections to 1 Jan. 1858, is $7,534,206 
Cost of the road, as far as completed, from Mobile to West Point. . . 4,895,349 

Leaving $2,638,857 

expended on the unfinished portions, yielding no revenue. It is important that 
the road should be pushed northward from West Point as rapidly as its finances 
will permit. Had it been extended into the northern counties of Mississippi, the 
large crop of cotton of 1858-9 would have greatly increased its earnings from 
freight — as well as in its passenger traffic. Once completed, this road, with the 
Illinois Central, will form the longest continuous line of railway in the world ; — 
extending from Mobile to Dunleith, on the upper Mississippi river — 928 miles. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending February 28, 185S. 

Office, Mobile. 



Cr. 



1. Cost of Road 

Puducah Branch 

Discount on Bonds 

2. Cost of Equipment 

3. Real Estate not in con- 


$5,869,371 | 
114,894 ; 
185,202 i 
592,515 j 

48,572 j 
13,614 ' 
658 ; 
25,743 
191,502 


4. Capital Stock 

5. State of Tennessee 

6. " Mississippi 

7. " Alabama 

8. Bonded Debt 


$2,789,790 

436,000 

135,000 

289,410 

1,443,300 




9. Floating Debt 


1,575,347 


Materials and Fuel 

City Tax Scrip 


C. A. Talliaferro, Ass't 
Tr., for work in Tenn., 
to be paid by stock. . . 

Mill Machinery (sold) .... 

Land Department (sales) . . 


334,137 


Balance Income Account 


11,030 
28,057 




$7,042,071 


$7,042,071 



1. Including salaries, commissions, and interest (see Income Account), and dis- 

count on bonds, equal to $21,100 per mile. 

2. Consisting of 25 Locomotives ; 18 Passenger and Baggage, 294 Freight, and 67 

service cars. 

3. Road purposes $16,753 

Station grounds 31,819 

$48,572 

4. Mobile subscriptions $308,549 

Mississippi " $1,114,155 

Tennessee " 184.31S 

City of Mobile 1,069,493 

State of Mississippi 100,000 

Sundry subscriptions 13,275 

$2,789,790 

5. Direct bonds of the State. 

6. State loan. 
7. 



MOBILE AND OHIO RAILROAD. 



99 



8. Income Bonds, 8's, 1861 $834,300 

8's, 1862 406,000 

" " 8's, 1865 165,000 

Sterling " 6's, 18S3 38,000 

Total issue of Income Bonds, 1861 . $1,000,000 

1862 500,000 

1865 1,000,000 

Sterling Bonds, 1883 6,000,000 

Issued $9,274,000 

Sales 1,443,300 

Bonds on hand unsold $7,830,700 

9. Bills payable $1,346,712 

Sundry accounts 80,593 

Individuals, for iron, cars, &c 147,952 

Balance, suspense account 90 

Note. — Embraced in the above there is due for iron, 
as follows : 

Thompson, Forman & Co $439,918 

Ebbervale Company 294,519 

Wm.Forman & Co 49,587 

For rails and fastenings 95,269 

" &c, for Northern Division 129,000 

$1,008,293 



$1,443,300 



$1,575,347 



Dr. 


INCOME 


ACCOUNT. 


Cr. 


Dec. 31, 1855, Operating ex- 


$167,928 
68,017 

49,773 

198,687 


Dec. 31, 1855, Gross earn- 
ings for year 1855 


$332,865 
151,540 


Salaries and expenses for 
1855 




Commissions and agencies 

for 1855 

Interest on debt for 1855. . 






$1.84,405 


$484,405 


Jan. 1, 1856, Balance 

Dec. 31, " Operat'g ex- 
penses for year 1856 

Salaries and expenses 

Commissions and agencies 


$151,540 

177,154 
25.972 
31,374 

209,670 


Dec. 31, 1856, Gross earn- 
ings for year 1856 


$505,360 
90 350 












$595,710 


$595,710 


Jan. 1, 1857, Balance 

Dec 31, " Operat'g ex- 
penses for year 1857 

Salaries and expenses 

Commissions and agencies. 


$90,350 

341,460 

17,628 

3,024 

275,815 


Dec. 31, 1857, Gross earn- 
ings for year 1857 


$536,775 
191,502 










$728,277 


$728,277 



100 capitalist's guide and eailwat annual. 

BUSINESS FOR PAST TWO YEARS. 

For the year ending 28th February 1857. 1858. 

Gross receipts $419,711 $554,382 

Expenses 200,485 275,953 

Net earnings $219,226 $278,429 

Increase in receipts in 1658, 32 per cent. 

On 197 miles On 232 miles 

in 1857. in 1858. 

Net income from gross receipts, per cent. . 52..20 50, ,30 

oncost, of road " .. 3„37 4„22 
Deficiency of earnings to meet expenses, 

interest, &c, upon Cap. Stock per cent. 1,,70 „64 

Net earnings on length of road, per mile . $1,113 $1,200 



TABLE OF MONTE LY EARNINGS. 



January . 
February 
March... 
April. ... 

May 

June 



1856. 


1857. j 


$24,43S 
28,503 
20,317 

23,587 
15.251 
20.226 


$55,056 ! 
38,034 : 
38,221 : 
48,975 
25,720 
22,774 |l 



1856. 1857. 



July, 

August, 

September, 

October, 

November, I 56,962 ! 

December, '■ 59,7341 



$17,805 
25:622! 

42:423! 
73.061 



$23,176 
23.207 
43,212 
74,411 
76,615 
84,980 



OFFICERS. 

Hon. Milton Brown, President. G. M. Parker, Secretary. 

A. F. Irwin, Treasurer. L. J. Fleming, Eng'r and Gen'l Supt. 



B. Edwards Gray, 
Hon. Milton Brown, 
Geo. H. Young, 
Eli Abbott, 



Directors. 

J. J. McRae, 
Wm. Jones, Jr., 
J. Emanuel, 
D. W. Goodman, 
F. S. Lyon. 



Dr. J. M. Cunningham, 
J. C. Rupert, 
M. H. Bloodgood, 
C. P. Gage, 



N0RTHEKN (S.H.) RAILROAD. 

Main line, from Concord to White R iver Junction 69 miles. 

Bristol Branch, from Franklin to Bristol 13 " 

Total 82 miles. 

Connecting with Vermont Central ; Boston, Concord and Montreal ; Portsmouth 
and Concord ; Connecticut River, and Passumpsic River Railways. 



NORTHERN (N. H.) RAILROAD. 



101 



Dr. 



BALANCE SHEET. 

Fiscal Year ending March 31, 1858. 

Office, Concord, N. H. 



Cr. 



1. Cost of road, equip- 
ment, &c 






$3,068,400 
368.100 


$3,068,400 


5. Bonded debt 


2. Materials and fuel 


59,980 


6. Floating debt 


38,185 


3. Invested in other R.R's. 


33,750 


Income account 


167,574 


Stock of this road owned 








by the company 


17.669 






Bills receivable 


33,745 






4. Cash means 


68.975 






Contracts 


325,569 






Bonds of this road purch'd 


31,671 






Telegraph 


2,500 








$3,642,259 \ 


$3,642,259 



Construotion account closed, and made to conform to the authorized capital of 
the company. Cost, including equipment, real estate and station-houses, 

' $37,414 per mile. The Rolling Stock consists of 22 Locomotives ; 22 Passen- 
ger, 342 Freight and 30 Gravel cars. 



2. Fuel, $30,685; shop stock, $28,300 ; oil.. &c, $895. 

3. Northern Railway Co., New York 



4 Cash on hand 

Other roads (uncollected revenue) , 



5. Bonds due April 1, 1874. 

" 1, 1S64. 

Jan. 1, 1860. 



6. Bills payable , 

Coupons not presented (due April, 1858) , 

Dividends unpaid 

Other claims 



120,789 

48,186 



$200,000 
84,200 
83,900 



$24,429 

8^26 

4,984 

246 



$59,980 
33,750 

$68,975 
$368,100 

$38,185 



Dr. 



INCOME ACCOUNT. 



Cr. 





1857. 


1858 


• Surplus, March 


1857. 


1858. 


Operating ex- 










penses 


$219,553 


$190.8.92 


31, 1856 & '57 


$119,740 


$162,780 




9,049 


8.991 


1 Gross earnings. 
i Interest account. 


418,032 


365,880 


Repairs of road 


25,084 


35,342 


23 


221 


New Roll'g St'k 


22,760 


5,350 


; Other receipts. . 


810 


2,004 


Dividends 


61,368 


122.786 








Depreciation on 
Bonds of Og- 
densb'g R. R. 
































owned bv Co. 


38,011 










Balance (surplus; 


162,780 


167.574 










$538,605 


$530,885 


$538,605 


$530,885 



9* 



102 capitalist's guide and eailway annual. 



BUSINESS FOR PAST TWO YEARS. 

For fiscal year ending March 31 1857. 

Gross earnings $418,032 

Operating expenses 219,553 

Net earnings . . $198,479 

Falling off in gross receipts in 1858, 12J per cent. 

Net income on gross receipts, per cent 47,, 48 

" on cost of road, " 6,,47 

" on Capital Stock, " 6„47 

" on length of road, per mile $2,821 



1858. 

$365,880 

190,892 

$174,988 



47„84 
5„71 
5„71 

$2,134 



OFFICERS. 

Onslow Stearns, President. 
Geo. A. Kettell, Treasurer. W. M. Parker, Superintendent. 



Onslow Stearns, 
Josiah Mlnot, 



Directors. 

Geo. W. Nesmith, 
John A. Burnham, 
George A. Kettf.lt,. 



Uriel Crocker, 
Joseph "W. Clark, 



OHIO AND MISSISSIPPI KAILKOAD. 

From Cincinnati to Illinoistown (opposite St. Louis) 340 miles. 

Eastern Division, from Cincinnati to Vincennes, Ind 192 " 

Western " " Vincennes to Illinoistown, 111 148 " 



BROAD GTJAGE. 



Connects at Lawrenceburg, Ind,, with the Indianapolis and Cincinnati Railway. 

Vernon, Ind., with the Madison and Indianapolis Railway. 

Seymour, " " Jeffersonville 

Mitchell, " " New Albany and Salem 

Vincennes, " " Evansville and Crawford 

Odin, 111-, " Chicago Br. Illinois Central 

Sandoval, 111., " Main line " " 

Illinoistown, 111. , " Belleville Br. 

" " Terre Haute, Alton and St. Louis Railway. 

St Louis, Mo., " Pacific, North Missouri, and Iron Mountain 

Railways, and Steamboats for the Upper and Lower Mississippi river. 

This road, like many other large corporations, is burdened with a heavy debt, 
and, unfortunately, the revenue from earnings contribute but a small amount 
towards paying the annual interest accruing upon it. 

In the absence of a regular balance sheet of the company, which is withheld 
from the public, no doubt, from the unfavorable exhibit it would disclose, the fol- 
lowing statement is put forth by a committee from the stockholders, viz : 



OHIO AND MISSISSIPPI EAILROAD. 103 

Bonded and Floating Debt and the Capital Stock of the Ohio and Mississippi 
Railroad Company to January 1, 1859. 

First Mortgage Bonds and interest $2,193,500 

01d2d " " " 316,995 

Construction " " 4,637,920 

Income " " 3,591,185 

Total Bonded Debt $10,739,600 

Old Floating debt and interest $140,000 

Due Contractors, Messrs. Aspinwall and associates, and 
interest 368,400 

$508,400 

Capital Stock of the company $6,300,000 

City of Cincinnati Capital Stock, for wbich is held $1,000,000 in 

stock as collateral $600,000 

Total $18,148,000 

The amount of past due interest and liabilities to the city of Cincinnati, and for 
a floating debt, are thus stated : 
Coupons on $2,050,000, 1st Mortgage Bonds, due July 

1, 1858 $71,750 

" $258,000 2d " " estimated. 45,150 

" $4,242,000, Construction Bonds, due March 

1 and September 1, 1858 296,940 

" $3,320,000, Income Bonds, due May 1 and 

November 1, 1858 232,400 

$646,240 

City of Cincinnati and Floating Debt 530,000 

Total. . . .; $1,176,240 

The affairs of the company are in a most critical condition. The agent of the 
First Mortgage bondholders (Alex. Trotter) has given the company until the 31st 
December to mature its plans for relief. 

The earnings of the road since the 1st May last have been as follows : 

Eastern Western 

Division. Division. Total. 

May $55,597 $45,169 $100,766 

June 48,683 54,033 102,716 

July 61,974 55,033 117,007 

August , 84,817 71,448 156,265 

September 108,515 91,832 200,347 

October 104,763 83,491 188,254 

Total $865,355 

Same time in 1857 801,652 

Increase in 1858 $63,703 

The operating expenses in the present condition of the road is estimated at 60 per 
cent, of the gross receipts. This would give net earnings $346,142, or $692,284 
for the year. The interest on the bonded and floating debt amounts to $318,300 
per annum, which would leave a deficit in revenue from the road of $126,016, be- 
sides all other charges against the Income Account. 

An earnest appeal, under date of 6th December, 1858, is made in behalf of the 
stockholders, by a committee, to the following effect : "That unless the company 
has substantial and permanent relief, it cannot long sustain itself under the pres- 
sure of increasing liabilities ; that the aggregate of stock and other obligations 
of the company greatly exceed the value of its property and franchises ; that the 
company cannot, in its present condition, earn the interest on its bonded debt ; 
that no adequate relief can be had short of a reduction of its stock and bonded 



104 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

liabilities to an amount corresponding to the value of its property ; that this re- 
duction can only be brought about by voluntary concession and compromise of 
the various parties in interest ; tbat unless some scheme, that will give adequate 
relief, is promptly carried out, vexatious litigation must necessarily ensue be- 
tween the company and its creditors, which, in its issues, will entirely ruin the 
interest of the stockholders, and disastrously affect that of the bondholders. In 
view of the foregoing facts, the stockholders recommended, at their recent meet- 
ing, that a conference of all the parties in interest, viz., the bondholders, floating 
debt creditors and stockholders, through committees duly empowered to represent 
their respective interests, be held at some early day, for the purpose of devising 
some equitable plan for the reduction of the bonded debt and stock capital of the 
■company, and for the adjustment of its other liabilities. At the meeting referred 
to, a committee was appointed to represent the stock interest, with full authority 
to agree to some comprehensive plan for the relief of the company, which, while 
it will protect the interest of the stockholders, will equitably recognize that of the 
■other parties " 

The capital should be reduced to $25,000 per mile, which, with $500,000 for 
equipment and real estate, would amount to $9,000,000. For this, new stock 
should be issued, upon some equitable basis, for the return of all its outstanding 
Mortgage, Construction and Income Bonds, and for the settlement of the floating 
•debt, the contractors, and the Aspinwall and associates' claims. At 80 per cent, 
for the First Mortgage Bonds and debt to the city, 75 for the Seconds, 60 for the 
Constructions, and 50 for the Incomes and floating debt, would leave the stock to 
go in at about 25 per cent. Once capitalized upon a plan of this kind, the reve- 
nue which, according to the earnings for the past six months, would be equal to 
7| per cent, upon the reduced capital, and the shares would be equal to the best 
of western stocks as an investment. In the present condition of the company's 
finances, its whole liabilities, including old stock, does not, according to their esti- 
mated market value, represent even $4,000,000. 



OFFICERS. 



Eastern Division, 
John W. Alsop, President. 



Western Division. 

S. L. M. Bar i.ow, President. 
D. R. Garrison, Vice President. W. H. Clements, Vice Pres. and Sap't. 

Geo. K. M. Gannegle, Sec'y. S. Trevor, Sec'y and Sup't. 

Thomas Brown, Treasurer. Lewis B. Parson, Treasurer. 

W. H. Clements, Gen. Sup't of both Divisions. 



S. L. M Barlow, 
Danl. R. Garrison, 
Thos. Brown, 
Willy L. King, 
Wm. H. Belcher, 
Saml. Galy, 
S. K. Welser, 
S. M. Edgell, 
Geo. Partridge, 
W. H. Clement. 



Directors. 

T. G. Mitchell, 
J as. C. Hall, 
H. C. Lord, 
Same. W. Pomeroy, 
J as. Hall, 
Jos. Torrance, 
Larry Anderson, 
Wm. H. Aspinwall, 
Joseph W. Alsop, 
Henry Chauncey, 



Edwin Bartlett, 
S. W. Comstock, 
Edward Delano, 
L. D. Coman, 
Charles Gould, 
Edward Learned, 
W. White wright, Jr., 
Saml. L. M. Barlow, 
L. B. Parsons, 
H. D. Bacon, 



NEW YOEK AND NEW HAVEN EAILEOAD. 



105 



NEW YOEK AND NEW HAVEN BAILROAD. 

From Junction with Harlem Railroad to New Haven 61 miles. 

Connecting at the city of New York with all the public thoroughfares leading 
from the metropolis and suburbs ; at Norwalk, with the Danbury and Norwalk ; 
at Bridgeport, with the Housatonic and Naugatuck ; and at New Haven, with 
the Canal, Hartford and New Haven, and New Haven, New London and 
Stonington Railways. 

In the location of this road, few companies enjoy so many natural advantages 
for a profitable passenger traffic, and yet the net earnings do not keep pace with 
the rapid increase of facilities for revenue. This may be ascribed to the fact that 
the short travel to the suburbs from the most populous city in the Union is cut 
off from this road because of its dependence in entering the city upon the track of 
a rival company for suburban travel. As an illustration, look at the commuta- 
tion travel on the Hudson River, New Jersey, and Morris and Essex Roads. 
The amount paid to the Harlem Company since April 1st, 1852, is $456,870. 
The saving of this amount, and the work on the viaduct, as well as on the Harlem 
bridge and tunnel at Thirty-second street, would have gone far towards bringing 
the track down from New Rochelle through East Chester, to the river, opposite 
the terminus of the Second avenue Railway . 



Dr. 



BALANCE SHEET. 

Fiscal Year ending March 31, 1858. 

Office, New York. 



Cr. 





$4,593,698 
661,547 

87.243 

176,992 

55,500 

7,091 




$3,000,000 


2. Cost of equipment 

3. Real estate not in con- 

struction account.... 




2,219,000 

79,722 

283,349 


Floating debt 


Materials and fuel 

Mortgage bonds unsold. 
Cash 








$5,582,071 


$5,582,071 



1. Including the franchise, right of way, grading, masonry, bridging, fencing, 

iron, station-houses, fixtures, machine shops, machinery, furniture, engi- 
neering, agencies, interest, &c, equal to $74,092 per mile for a double track 
of 58 miles ; but if reduced to a single track, aud including equipment and 
real estate, the cost would be about $44,500 per mile. 

2. Embracing locomotives, cars, snow-plow, &c. The number of engines and 

cars are not given in detail ; the conclusion, however, is that the amount 
represents the original cost, and subsequent charges for repairs and re- 
newals. 

3. Real estate in New York and New Haven. The cost of the new depot corner 

of Fourth avenue and Twenty-seventh street, including tracks, platforms,, 
baggage-room, &c, has been about $53,000. 

4. Genuine shares, 30,000, at $100 each, $.3,000,000. In July, 1854, an over-issue 

by the President and Financial Agent (Schuyler), of about 19,000 shares, was 
brought to light, and since that period holders of the latter — a large portion 
innocent parties, have been in doubt whether they are common proprietors 
with those alleging to be the holders of genuine stock. 



106 capitalist's guide and railway annual. 

The decision in the Mechanics' Bank Case, made by the Court of Appeals in 
June, 1856, that the company is in no form liable for the spurious stock re- 
mains in full force, unreserved, and in no wise modified. The bill in equity 
instituted by the company against the holders of spurious certificates is yet 
undecided by the Court of Appeals. Thus, the whole matter is vMsettled. 

Had the company, at the beginning, manifested a willingness to meet the 
holders of the alleged spurious stock in a spirit of compromise, an arrange- 
ment could long since have been effected by which the current value would 
have been at once elevated, the expenses of litigation saved, and the stock 
thus compromised would have sold for 25 per cent, more than the so-called 
genuine stock would now command in market. 

5. Bonds due Dec. 1, 1860, 7's, interest June and December $311,000 

Jan. 1, 1861, 6's, " Julv and Januarv 14,000 

Dec. 1, 1866, 7's, " June and December 965,000 

Unsecured Bonds $1,290,000 

1st M. due October 1, 1875, 6's, interest April and October 929,000 

$2,219,000 

An act authorizing an issue not exceeding $3,000,000 of 6 per cent. Mortgage 
Bonds, to take up those (unsecured) maturing from 1860 to 1866, was 
passed by the Connecticut Legislature in 1855. From the above it will be 
seen that $929,000 have been exchanged, leaving, with the $55,000 owned by 
the company, $2,163,500 outstanding. 



Dr. 


INCOME . 


ACCOUNT. 


Cr. 


« 


1858. 


Gross earnings 

Balance, profit and loss 


1858 


Operat'g expenses $208,577 

Fuel, &c 112,230 

Haulage 29,068 

Harlem Railroad. 77,555 


$427,430 

250,551 

90,000 

23,000 

146,193 

6,065 

395 


$932,550 
11,084 


Repairs of road. . 102,574 
" equipm't 147,977 




One dividend, 3 per cent . . 
Loss, operating Canal R. R. 

Interest 

Old claims 

Norwalk damages 






$943,634 


$943,634 



BUSINESS OF THE ROAD F< R TWO YEARS. 

Fiscal year ending March 31 1857 1858. 

Gross earnings $1,057,034 $932,550 Dec. $124,484 

Operating expenses 633,070 677,981 Inc 44,911 

$423,964 $254,569 Dec. $169,395 



Falling off in gross receipts, in 1858, nearly 12 per cent. 
" net earnings, " 40 " 

1857. 

Net income from gross receipts, per cent 40, ,11 

" on cost of road and equipment, per ct. 8„07 

" on Capital Stock, after deducting int. 

on debt and loss in operating Canal 

road, per cent 8,,87 

Net earnings on length of road, per mile $6,854 



1858. 
27„29 Dec. 

4„85 " 



3„23 

$4,106 



12„82 
3„22 



5„64 

$1,748 



MISSISSIPPI AND TENNESSEE RAILROAD. 

TABLE OF MONTHLY EARNINGS. 



107 



January . 
February 
March . . . 

April 

May 

June .. . . 



1857. 


1858. 




$58,604 




56,172 




79,404 


$83,554 


77,048 


83,241 


68,908 


79,905 


62,396 1 



July 

August 

September. 
October . . . 
November . 
December. . 



1857. 



$93,662 
96,948 
99,482 
80,152 
62,806 
58.619 



1858. 



$75,960 
72,721 
83,135 
72,850 
93,067 



OFFICERS. 
Justus R. Bulkley, President. 
E. S. Abernathy, Vice-President. W. Bement, Treasurer. 

J. H. Hoyt, Superintendent. Chas. Rockwell, Gen. Freight Agt. 



Justus R. Bulkley, 
George B. Car hart, 
George N. Miller, 



Directors. 

Charles A. Ingersoll, 
John Bradley, 
Abraham R . Van Nest, 



Nathaniel A. Bacon, 
John W. Leeds, 
Jonathan Godfrey. 



MISSISSIPPI AND TENNESSEE EAILROAD. 

From Memphis, Tenn., to Grenada, Miss 97 miles. 

Connecting with the roads leading out of Memphis ; the Memphis and Little 
Rock, and Mississippi Central Railways ; also, by steamboats for tbe different 
cities on the upper and lower Mississippi, and the Ohio, Tennessee and Cumberland 
rivers. 

Finished, from Memphis to Panola, 59 miles. 
In progress, to Grenada, 38 miles. 

Amount already expended on the finished portion $1,204,299 

" " " " " " north of Panola... 5,841 

< south " ... 13,592 

Total $1,223,732 

Estimated cost of the unfinished portion, viz : 

From Panola to Yockaphatockna, 12 miles $130,638 

" Yockaphatockna to Grenada 573,800 

Additional equipment required 110,000 

$814,438 

Making the total cost $2,038,170 

To meet this the company has the following assets : 

1st Mortgage bonds, unsold *$429,000 

Stock subscriptions, collectable 50,000 

Mississippi loan, balance 18,150 

Estimated income for balance of 1858 and 1859. . . . 180,000 

Available means $677,150 

* $200,000 deposited as collateral security with the State of Mississippi. 



108 capitalist's guide and railway annual. 

From this statement it will be seen there is a deficiency of $237,231 in means 
to complete and equip the road, and discharge its floating liabilities. To 
meet this and other wants, the president recommends an issue of $600,000 in- 
come bonds, reimbursable in ten years, bearing seven per cent, interest, payable in 
the city of Memphis, secured by a mortgage of the income of the road. This is 
bad policy — an issue of stock, even if sold at the same price the bonds will com- 
mand in market, would hive been better for the ultimate interests of the share- 
holders ; for if the compmy fail to earn a surplus, there can be no damage to its 
•credit by withholding dividends. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending October 1, 1858. 

Office, Memphis, Tenn. 



Cr. 



1. Cost of road 

2. Cost of equipment 

3. Debts due the company. 

Cash 

Profit and loss, balance 

income account 



$1,033,499 

135,799 

70,680 

4,521 

150,463 

! 

$1,399,962 



4. Capital stock 

State of Tennessee.. 

" Mississippi. 
Bonded debt 

5. Floating debt 



$757,540 

93,000 

202,799 

171,000 

170,623 



$1,399,962 



1. Equal to $17,600 per mile ; with rolling stock, $20,000 per mile. 

2. 5 Locomotives ; 6 Baggage and express, 94 Freight and 29 Service cars. 



Bills receivable 
Accounts 



For Memphis bonds 

" Cash 

" Work and materials. 
*' Bills receivable 



Bills payable. 
Accounts 



$62,048 
8,632 



$250,000 

417.477 

79,679 

10,384 

$140,014 
30,609 



$70,630 



$757,540 



$170,623 



Dr. 




INCOME - 


ACCOUNT. 




Cr. 




1857. 


1853. 




1857. 


1858. 


Operating expen- 
ses to £ept. 30. . 

Discount and in- 
terest up to Sep. 
30 


$110,401 
15,462 


$61,163 : 

216,710 ! 
i 
49,053 


Surplus, Oct. 1... 
Gross earnings to 

Sept 30 

Balance, profit and 


$125,S63 


$15,462 
161,001 
150,463 


Expenses up to 
Sept. 30 












$125,863 


$326,926 


$125,863 


$32S,926 



Receipts for freight and passengers. 
Operating expenses 



$161,001 
61,163 



Net earnings 



ANDROSCOGGIN AND KENNEBEC RAILROAD. 



109 



Net income from gross receipts 62., 01 per cent. 

on cost of road 8| 

" " Capital stock, after deducting int., expen's, &c. 6 

Net earnings on length of road $2,729 per mile. 



OFFICERS. 

F. M. White, President. O. F. Vance, Sec'y and Treas'r. 

M. W. Newell, Superintendent. 



F. M. White, 
J. C N. Robertson, 
A N. McKay, 
Edward F. McGehee, 



Directors. 

N. R. Sledge, 
Win. B. Dickens, 
Nat'l Howard, 
R. S, Rayburn, 



James Elder, 
B. Graham, 

Samuel Mosby. 



ANDROSCOGGIN AND KENNEBEC RAILROAD. 

Composed of the 

A. & K. Railway from Portland to North Belgrade 72 miles. 

Penobscot & Kennebec R.R. from West Waterville to Bangor 66 " 

Total length 138 miles. 

These roads are operated in copartnership : 
The Penobscot and Kennebec receives 3-7ths 
The Androscoggin and Kennebec " 4-7tbs 



of the net earnings. 



The connections are : 
At Portland, with the different railroads diverging from that place. It crosses 
the Kennebec and Portland Railway at North Yarmouth Junction ; intersects 
the Atlantic and St. Lawrence at Danville ; connects with the Androscoggin at 
Leeds ; Skowegan Branch at Kendall Falls ; and the Bangor and Oldtown, at 
Bangor. 



Dr. 



BALANCE SHEET OF THE ANDROSCOGGIN AND KENNEBEC RAILROAD. 

Fiscal Year ending May 31, 1858. 

Office, Waterville, Maine. 



Cr. 



1. Cost of road & equipm't. 

2. Invested in other roads. 

3. Bonds of this Co. on hand 

Cash 

Profit and loss 



$2,210,947 

27,925 

15,000 

8,035 

31,201 



$2,293,108 



Capital stock. 

4. Bonded debt. . 

5. Floating debt. 



$457,900 

1.750.057 

85,151 



$2,293,108 



1. $30,707 per mile. 

2. Androscoggin Railroad Bonds 

Penobscot and Kennebec Railroad Stock. 



$6,000 
21,925 



$27,925 



10 



no 



capitalist's guide and railway annual. 



Loan Bonds. 

Loan Bonds $1,000,000 

Interest Bonds 9,000 

Income " 30,557 

Convertible" 710,000 

Furniture " 500 

Bills payable $76,591 

Accounts 1,820 

Stock Coupons 6,740 



$1,750,057 



$85,557 



BALANCE SHEET OF THE PENOBSCOT AND KENNEBEC RAILROAD. 
Fiscal Year ending May 31, 1858. 



Dr. 


Office, Bangor, Maine. 


Cr. 


L Cost ofroad,includ'g pier 
and real est. in Bangor 

Cost of equipment 

Due to the company.... 

Bangor Bonds on hand 
2. Stock of this Co. " 

Cash 


$1,611,080 

106,393 

1,945 

9,000 

77,500 

1,011 

67,897 




$550,863 


3. Bonded Debt 

4. Floating Debt 

1 


1,178,900 
145,068 








$1,874,831 1 


$1,874,831 



$1,178,900 



1. Including equipment, $26,024 per mile. 

2. Exchanged for the 3d Mortgage Bonds of the Company. 

3 1st M. given to City of Bangor in exch. for her bonds $300,000 
2d " " " " 223,100 

3d " " " " 155,800 

4. Bills payable and accounts $118,844 

Interest scrip due stockholders 26,224 

. $145,068 

In addition to the floating liabilities, there are coupons outstanding, $17,371 ; 
and claims for unsettled land damages and debts amounting to $6,800 more ; 
making the absolute floating debt $169,239 ; while the only available assets 
amount to $11,995. About §29,000 of the floating debt, incurred for pier, &c, 
in Bangor, is overdue. To meet this and other portions of the floating debt, sub- 
scriptions to the unsold Second Mortgage Bonds have been called for, and there 
remains a balance of $28,000 to be taken up. 



Dr. 



ANALYSIS OF PROFIT AND LOSS ACCOUNT 



Cr. 



Loss on Company's Bonds. . 


$31,100 


B.ilance of income account, 




Interest on 

TjOSS on contractors' stock. . 


137,053 
75.083 


Dec. 1, 1856 


$79,642 


Received under lease, Dec. 


• 




1,1856, to May 31, 1857. 

3-7ths of net earnings of 

A. & Kennebec Railroad 


33,171 












Co., under lease 


62,520 






Balance 


67,897 




$243,236 


$243,236 



BURLINGTON AND MISSOURI RIVER KAILROAD. Ill 

Taking the two roads together, representing a cost of $1,027,523 for 138 miles, 
the following are the results from net earnings, viz : 

On cost of the two roads, per cent 3„62 

From gross receipts, " 48„ 

On length of roads, per mile $1,057 

Androscoggin and Kennebec Railroad. 

Net earnings on cost, per cent 3„72 

from gross receipts, per cent 48,, 

** on length of road, per mile $1,083 

Penobscot and Kennebec Railroad. 

Net earnings on cost, per cent 3„52 

from gross receipts, per cent 48„ 

on length of road, per mile $948 



OFFICE MS. 
Androscoggin and Kennebec Railroad. 

John Ware, President. 
Joshua Nye, Treasurer. Edward Noyes, Superintendent, 

Directors. 

John Ware, Jedediah Morrell, Saml. P. Benson, 

S. H. Chandler, Ira Crocker, Wm. Goodenow, 

Rufus Horton. 



Penobscot and Kennebec Railroad. 
H. Bowman, President. Wm. Cutter, Superintendent. 



BURLINGTON AND MISSOURI KIYEK RAILROAD. 

From Burlington to Ottumwa, Iowa 75 miles* 

Completed to Fairfield 50 " 

In progress to Ottumwa 25 •• 

This road connects at Burlington with the Chicago, Burlington and Quincey 
Railway, and the Mississippi river steamers ; and at Mount Pleasant with the 
Keokuk, Mount Pleasant and Muscatine Hailroad. 

It was originally intended to extend this road to a point on the Missouri river 
opposite the Platte. In 1856, the company was one of the four recipients to the 
grant of land from the General Government to the State of Iowa for railroads ; 
but owing to a combination of circumstances calculated to retard the growth and 
prosperity of Iowa, in common with all the Western States, this road has met, 
uke the rest of the four trunk lines to the Missouri river, obstacles and disappoint- 
ments sufficient to cause a postponement in its extension beyond Ottumwa. 



112 capitalist's guide and railway annual. 

The first division is completed, and extends from Burlington to the Skunk 
river ; the second, from the Skunk to the Des Moines, is in the course of con- 
struction, and will be opened to Ottutnwa (75 miles) in July, 1859. 

Tbe amount thus far expended on the road is as follows : 

First division $1,264,943 

Second " 249,313 

$1,514,256 

Required to complete and equip the road to Ottumwa. 5925,000 

Total cost for 75s miles of railway $2,439,256 

Equal to about $32,500~per mile. 

The means at command to extend the road to Ottumwa are as follows : 

60 Second Mortgage 8 per cent, bonds $60,000 

84 Jefferson Co. " " 84,0 H) 

83 Wapello Co. " « 8^000 

Due from Stockholders in Iowa 55,000 

" -on new stock, first five calls 15.740 

Five addition calls 270^314 

Cash on hand 1,511 

$569,565 
Leaving to be raised by loan* 355,435 

Total $925,000 

* Security, a mortgage of all the company's lands, including the railroad and 
franchises, subject to a first lien on the first division for $590,000, or $22,000 per mile. 



BALANCE SHEET. 
Fiscal Year ending June 1, 1858. 



Dr. 


Office, Burlington, Iowa, 


Cr. 


1. Cost of Road 


$1,514,257 

27,000 

1,511 


Capital Stock 

3. Bonded Debt 

4. Floating Debt 

Prelimin'y Survey Fund 


$752,733 


2. County Bonds on hand. . 
Cash 


665,000 
92,663 




10.075 
22,297 










$1,542.76S 


$1,542,768 



1. Cost of first division and equipment, $1,264,943 — 30 miles; equal to $42,164 

per mile. 

2. Jefferson County $14,000 

Wapello " 13,000 



3. 1st Mortgagr Bonds on 1st division. 
Burlington loan bonds 



$27,000 

665,000 
$73,597 

$61,445 

Net earnings $12,152 

credited to Construction account, first division. The annual interest on Funded 
debt, being $53,200, was charged to the same account. 



4. Bills Payable for cars, iron, &c. 

Receipts of the road for 10 \ months were. 
Operating expenses 



Laterials. 



$590,000 
75,000 



$46,066 
15.379 



CUMBERLAND VALLEY RAILROAD. 



113 



Under the act of Congress, granting land to aid certain railroads in Iowa, 
this road was entitled to 3,840 acres of land for every mile of road built, provided 
it could be found unappropriated within the prescribed limits. The section of the 
State between the Mississippi river and Chariton is well settled, and but a small 
quantity could be found vacant, as will be 3een by the following : 

Claimed by the State 
District. Clear Lands. as Swamp. 

Council Bluffs acres. 198,120 46,400 

Chariton " 50.320 2,880 

Fairfield " 7,655 6,650 

256,095 55,930 

Add Swamp lands " 55,930 

Total within 15 miles " 312,025 

Owing to the large quantity having been taken up on the surveyed route, this 
road fall3 largely short of its quota, and has prepared a petition to Congress for 
leave to locate the balance elsewhere in the State. 



OFFICERS. 

Edward L. Baker, President. John G. Read, Vice President. 

John N. Denison, Secretary and Treasurer. 



Erastus Corning, 
Robert N. Forbes, 
Nathaniel. Thayer, 



Directors. 

John M. Forbes, 
John W. Brooks, 
Edward L. Baker, 



James F. Joy, 
John G. Read, 
Wm. F. Coolbauoh. 



CUMBEKLAM) VALLEY EAILK0AD. 

From Harrisburg to Chambersburg, Pa 52 miles. 

Connecting at the former place with the Pennsylvania, Northern Central, and 
Lebanon v alley Railways. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending September 30, 1858. 



Cr. 



1. Cost of Road and appur- ' 

tenances $1,226,675 

Materials and Fuel 10,883 

Debts due the Company, j 2.884 

2. Cash Means. 51,834 



$1,292,326 



Capital Stock 

First Preferred Stock. 
Second " " 

3. Bonded Debt 

4. Floating Debt 

Renewal Account. . . . 
Profit and Loss 



10 s 



$472,000 

286.400 

255.500 

213!500 

47,812 

8:981 

8;i33 



$1,292,326 



1 14 capitalist's guide and railway annual. 

1. $23,590 per mile. 

2. Cash in the treasury $48,170 

Tolls due 3,713 

3. 1st Mortgage Bonds $116,500 

2d - " 97,000 

4. For dividends and interest on bonds $42,342 

" materials and labor 5,470 



$51,883 
$213,500 

$47,812 



RECEIPTS AND EXPENDITURES. 



Sept. 30, 1857. 

Operating expenses... 
Renewal of Harrisburg 


$100,368 

36,184 

69,867 

800 

45,701 


Oct. 1, 1856. 

Cash on hand 

Sept. 30, 1857. 

Revenue, Tolls 

" Rents 

" Interest 

Materials sold 

Real Estate sold 

Preferred Stock 


$50,753 

188,134 
638 
655 


Dividend on Stocks. . . 


Balance, Cash 


3,290 

350 

9,100 




$252,920 


$252,920 


Sept, 30, 1857. 

Operating expenses. . . 
Renewal of Harrisburg 

bridge 

Dividends and interest. 
State Tax 


$76,252 

3,019 

68,162 

4,301 

3,713 

48,170 


Oct. 1, 1857. 

Cash on hand 

Sept. 30, 1858. 

Revenue, Tolls 

Rents 

" Interest 

" Materials sold 


$45,701 

155,624 
665 
173 


Tolls due 


1,453 


Cash on hand 






$203,617 


203,617 



For fiscal year ending Sept. 30 

Gross earnings 


1S57. 
$188,134 
*100,368 


1858. 
$155,624 
76,252 

$79,372 


Dec. 

a 
(( 


$32,510 
24,116 




$87,766 


$8,394 







* Included in this amount is $10,500 for new rolling stock. 

Falling off in gross receipts in 1858, about 17 per cent. 

1857. 

Net income from gross receipts, per cent 46, ,70 

" " on cost of road, &c. " 7,, 16 

" " Old Stock, after deducting divi- 
dends and interest 4„07 

Net earnings on length of road, per mile $1,687 



51„ 

6„47 


Inc. 4„30 
Dec. „69 


1„47 
$1,526 


« 2„60 
" $161 



NORTH MISSOURI RAILROAD. 



115 



TABLE OF MONTHLY EARNINGS. 



January . . 
February . 
March . . . 

April 

May 

June 



1856. 


1857. 


1858. | 


$9,932 


$13,203 


$11,418 


10,273 


13,710 


11,140 


13,338 


18,296 


14,335 


14,385 


16.652 


15.506 


14.526 


15.167 


12.869 


13,101 


15,139 


12,689 



July 

August 

September. . 

October 

November . . 
December. . . 



1856. 



$13,711 
16,667 
17,453 

17.701 
15.070 
15,296 



1857. 1858. 



$15,299! $11,842 



16.75S; 
15,843 
13,317 
11,696 
12,178 



14,737 
13,897 



OFFICERS. 

Frederick Watts, President. Edward M. Biddle, Sec'y and Treas. 

O. N. Lull, Superintendent. 



Daniel Tyler, 
James McCormick, 
David Lapsley, 
J. P. Hutchinson. 



Directors. 

Geo. Cadwallader, 
D. O. Gehr, 
W. S. Cobean, 
W. L. Shaffer. 



H. J. Biddle, 
W. M. Henderson, 
Thos. B. Kennedy, 
Geo. M. Tkoutbcan, 



N0KTH MISS0UEI EAILE0AD. 

From St. Louis to Iowa State line 230 miles. 

Originally intended to be extended to Ottumwa, Wapello Co., Iowa, and to 
Chariton, Lucas Co., Iowa. 

finished. 
From St. Louis to Sturgeon 130 miles. 

in progress. 

From Sturgeon to Hudson 37 " 

(Hudson is on the Hannibal and St. Joseph R. R.) 

located. 
From Hudson to State line 63 " 



230 miles. 



This road is one of the four great railway enterprises to which the State Of Mis- 
souri has so liberally extended her aid. Unfortunately, however, before the mag- 
nificent system in which the State became identified was fully developed, the 
monetary crisis of 1857 overtook it, and not only the Bonds of the State fell to a 
ruinous price, but the finances of this, as well as other Western roads, were 
thrown into confusion, its capacity for revenue diminished, and the progress in 
pushing on the work of construction retarded. 

1st Division — from St. Louis to St. Charles, 19 miles. 

Cost of work done 

Work remaining to be done 



120,000 



Tressel work requires replacing, cross-ties re- 
newing, track ballasting, &c . 



$909,230 



116 



CAPITALIST'S GUIDE AND RAILWAY ANNUAL, 



2d Division — from St. Charles to Hudson, 148 miles. 

Cost of work done $2,888,895 

Work remaining to be done 1,764,000 

$4,652,895 

Consisting of grading, $414,000 ; Iron, $400,000 ; 
Fencing, $213,000; Ballasting, $500,000 ; other 
items, §237,000. 

In the cost of work done is $656,527 expended by 
the State Agents for rails and chairs not in- 
cluded in statement in Balance Sheet. 

3d Division — from Hudson to State line, 63 miles. 

Estimated cost of located line $1,886,000 

To which add machine shops, tools, &c 135,600 

Improvements in Missouri river 60,000 

Engineering, land damages, and real estate 540,000 

Equipment 569,400 

$3,191,000 

Total cost $8,753,100 

The amount of State aid authorized is as follows : 

Under the act of 23d December, 1852 $2,000,000 

10th " 1855 2,000,000 

3d March, 1857 1,500,000 

$5,500,000 

On account of the foregoing the company has received : 

Under act 23d December, 1852 $2,000,000 

" 10th « 1855 

Isaac H. Sturgeon and Robert Walker having been 
appointed agents by the governor, have received 

and charged with the disbursement of. *1,000,000 

Under act of 3d March, 1857 600,000 

$3,600,000 

Leaving unissued $1,900,000 

* Not credited to the State in the Balance Sheet. 

In March, 1857, the legislature suspended the act of 10th December, 1855, entitled 
" an Act to secure the completion of certain Railroads in the State, and for other 
purposes," until the 1st day of March, 1859. To this company, however, as well 
as to other roads, certain privileges were granted, viz, : — in allowing $250,000 to 
finish the road to Mexico (which has been done and the bonds drawn), and 
$750,000, to which the company may be entitled upon terms and conditions now 
provided by law for completing the road to Hudson, provided the bonds were not 
sold under 90 per cent. Any violation of these provisions would incur a forfeiture 
of the charter. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending March 31, 1858. 

Office, St. Louis, Mo. 



Cr. 



1. Cost of road, equipment. 
&c * 



Bills receivable 

Due by Agents 

" " Stockholders . . . 
Bonds in hands of Fiscal 

Agent 

Bonds in hands of Trea. 
Cash 



$4,585,963 

1,197 

4,910 

414,319 

392,000 

120,000 

11,938 



$5,530,327 



2. Capital Stock 

3. Bonded debt to State of 

Missouri 

Fiscal agent 

Floating debt 

Income account 



$2,612,100 

2,600,000 

246,989 

69,748 

1,490 



$5,530,327 



NORTH MISSOURI RAILROAD. 



117 



1. Expended on 1st Division $792,575 

" 2d " 2,229,313 

Engineering on both Divisions 193.152 

Land damages 138,254 

Miscellaneous 81.197 

Real estate 91,896 

Equipment 169.137 

Discount on bonds, interest, &c 909,939 

$4,585,963 

About $35,000 per mile. According to estimates of the chief engineer, the total 
cost through to the Iowa State line "will not. vary much from $39,000 per mile. 

In the above item of $909,939, there is $535,487 for discount on bonds. As the 
company has no Bonded debt of its own, the conclusion is, that the State 
bonds, with other charges, have yielded the company only about 75 cents on the 
dollar. 

2. Collected, $2,197,781 ; uncollected, $414,319. Total, $2,612,100. 

3. Issued to the company $2,600,000 

In addition there has been issued $1,000,000 of bonds of the 
State to be expended north of St. Charles, for furnishing 
iron and rolling stock. These bonds are placed in the hands 
of the special agents of the State, appointed by the governor. 

4. Due contractors . . $49,082 

Bills pavable 2,826 

Forfeited stock 17,611 

Sundry balances 229 

$69,748 



Dr. 


DfCOME ACCOUNT. 




Cr. 




1857. \ 1858. I 

$63,180 $159,074, 
5,512 1,490; 

$68,692 $160,564 


Gross earnings 


1857. 


1858. 


Operating expenses. 


$68,692 

$68,692 


$160,564 




$160,564 



RECEIPTS FROM TRAFFIC. 



Year ending 31st March. 

Gross earnings. 

Expenses 



Net earnings. 



1857. 

$68,692 

63,180 

$5,512 



1858. 

$160,564 

159,074 

$1,490 



Average number of miles in operation in 1857 — 42. 

1858—83. 

Earnings per mile on length operated in 1857 — $1,636. 
" * " " " 1858— $L935, 



OFFICERS. 

Thomas B. Hudson. President, P. S. Laxham, Vice President, 

Robert Walker, Ch. Eng'r and Supt. Arthur Kemplaxd, Sec'y and Treas. 



118 capitalist's guide and kailway annual. 



John D. Coulter, 
R. S. Lanham, 
Isaac H. Sturgeon. 
P. T. McSherry, 



Directors. 
G. W. Dyer, 

Hancock Jackson, 
Gerard B. Allen, 
J. C. Edwards, 
Thos. B. Hudson, 



J. W. Thornburqh, 
J. C. Vogel, 
D. E. Bryan, 
J. W. Minor. 



EATON AND HAMILTON EAILKOAD. 

From Richmond, Ind., to Hamilton, Ohio 42 miles. 

Connecting at Richmond with the Cincinnati, Logansport and Chicago, and the 
Indiana Central Railways ; and at Hamilton with the Cincinnati, Hamilton and 
Dayton, and Ohio and Indiana Railways. 

The location of this road is a good one for traffic, but the company seems to be 
delinquent in its interest, being in debt for iC suspended interest on the 1st of July 
last, $126,309," equal to about 27 per cent, of its capital stock. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending July 1, 1858. 
Office, Eaton, Ohio. 



Cr. 



1. Cost of road 

Cost of equipment 

Real Estate not in Con- 
struction Account. . . . 

2. Due by other Railroad 

Companies 

Debts due the Company. 
Cash 



$1,101,745 
74,423 

185,166 

62,630 
3,311 

2,883 



Capital Stock. . . 

Bonded Debt.... 
'■ 3. Floating Debt . 
1 4. Income Account. 



$1,430,158 | ! 



$469,763 

757,734 

201,244 

1,417 



$1,430,158 



1. Cost of railroad proper. $26,232 per mile ; including equipment and real estate, 
$32,413 per mile. 

2. Considered doubtful, the companies being delinquent. 

3. Domestic loans 

Bills payable 

Accounts 

Suspended Interest 



Transportation earnings 6 mos. ending July 1, 1858. 

From which deduct expenses $42,680 

Interest 31,098 

Balance, profit and loss 189 



$36,970 

30.956 

7.009 

126.309 

$201,244 

$75,384 



$73,967 



$1,417 



HANNIBAL AND ST. JOSEPH RAILROAD. 



119 



BUSINESS FOR TWO AND A HALT YEARS. 

Six moa. in 

For the year ending Dec. 31 1856. 1S57. 1353. 

Gross earnings $174,654 $140,936 $75,384 

Operating expenses 80,588 90,923 42,680 

Net earnings $94,066 $50,008 $32,704 

Falling off in 1857, in net earnings, 47 per cent. ; increase in 1853, about 31 per ct. 

1856. 1857. 1858. 

Net income from gross receipts, per cent 53,,88 35, ,47 43,,43 

on cost of road and equipment, pr ct. 8, ,91 4,,25 2„80 
" on Capital, after deducting interest 

on debt, rents, taxes, &e., per ct.. Nothing. 8,,21 4,,22 

" on length of road, per mile, $2,239 $1,191 $979 



TABLE OF MONTHLY EARNINGS. 



January . -. 
February . 

March 

April 

May 

June 



1856. 



$6,981 
6.215 
9;010 
7,940 
5,362 
4,684 



1S57. 



$6,036 July 

6,599. August.... 
8,620 ; September. 
5,663 October.. . 
5,569 ! November. 
4.676 , December . 



1856. 


1857. 


$4,661 


$3,534 


6.123 


4,740 


6.710 


5.703 


6.696 


5,006 


7,623 


5,076 


25,426 


11,685 



OFFICERS. 



David Barnet, President. 
Jesse B. Stephens, Secretary. 



L. Durham, Vice President. 

David M. Morrow, Superintendent. 



David Barnet, 
Geo. D. He>dricks, 
Lurton Durham, 
Jared B. Curtis, 



Directors. 
James M. Starr, 
James Neil, 
James E. Young, 

Wk A . BlCKUE, 

James H. McWhinney. 



John W. Ekwdc, 

Hugh McBirnev, 

JoSEFH ToRRENCE, 

Wm. Whiteside, 



HANMML AND ST. JOSEPH RAILROAD. 

From Hannibal (on the Mississippi river) to St. Joseph (on the Mis- 
souri river) 207 miles. 

(Operated by the contractors, John Duff & Co.) 

Finished and in operation, Eastern terminus 87 " 

" " Western " 40 <s 

In progress 80 " 

To be finished on the 1st March, 1859. 



120 capitalist's guide and railway annual. 

This company possesses a valuable Land Grant of $600,000 acres, which is 
made the basis for a security upon $5,000,000 of the companj^'s bonds, reimbursa- 
ble in 20 years, bearing 7 per cent, interest, of which there has been issued 
$3,509,500, leaving, applicable to the extension of the road, $1,490,500. 

The amount expended up to July 1, as will be seen by the Balance Sheet, is 
$3,533,223, requiring, according to the estimate of the chief engineer, as follows ; 

Grading, masonry, bridging and superstructure, except rails $493,000 

Equipment 350,000 

Right of way, water stations, wood sheds, and turn-tables 18,000 

Engine houses, machine shops, and way stations 47,000 

Depots at Hannibal and St. Joseph 25,000 

Levee at Hannibal 12,000 

Iron not yet purchased 90,000 

Salaries and general expenses 50,000 

Interest until the road is opened to St. Joseph $400,000 

Less net earnings, estimated 250,000 

$150,000 

Total $1,235,000 



Dr. 



BALANCE SHEET. 
For Fiscal Year ending July 1, 
Office, Hannibal, Mo. 



1858. 



Cr. 



Construction— including en- 
gineering, general ex- 
penses, interes: and dis- 
counts, to date 

Right of way and depot 
grounds 

Equipment 

Iron 

Sinking Fund 

Land Department 



$6,605,354 

105,545 

330,422 

1,453,160 

1,900 

36,347 



Capital Stock I $1. 

Assessments on 2,985 sha's. 
i State of Missouri | 3, 

Bonded Debt- 
Land Bonds. $3,509,500 
Income " 310,000 

Plain " 11,000 



$8,533,228 



601,000 

63,773 

000,000 



Floating Debt- 
Land Rents. . 



-Bills Pay'e. 



,830,500 
37,500 
455 



$8,533,228 



The roadway, equipment, discounts and interest have cost, for 147 miles of 
track, aoout $57,000 per mile. Included in construction is about $2,000,000 for 
discounts, interest and commissions, equal to $13,600 per mile opened. 

The road being operated by the contractors, the revenue derived from traffic is 
omitted. It is reported that the company has negotiated a loan upon the residue 
of its land bonds — $1,490,500 — which will yield an amount sufficient to finish the 
road to the Missouri river. All the aid granted to this road by the State of Mis- 
souri has been drawn. 



OFFICERS. 

Joshua Gentry, President. John L. Lathrop, Sec'y and Treas'r. 
Jonah Hunt, Chief Engineer. 



John W. Brooks, 
Nathaniel Thayer, 
H. H. Hunnewell, 



Directors. 
Chester W. Chapin, 
Robert B. Forbes, 
Robert S. Watson, 



Levi Barkley, 
Joshua Gentry, 
John Curd. 



EASTERN (MASS.) KAILROAD. 



121 



EASTEEN (MASS.) RAILROAD. 

Main line, from Boston to Portsmouth, N. H 56 miles. 

Marblehead Branch, from Salem to Marblehead 3 " 

Gloucester " " Beverly to* Gloucester 13 " 

Salisbury " " Newburyport to Salisbury 4 " 

Saugus " " S. Maiden to Maiden 8 " 

S. Beading " " Salem to S. Reading 8 " 

Total 92 miles. 

This road has a running contract with the Essex Railroad from Salem to Law- 
rence, and the Great Falls and South Berwick Branch roads, and makes close 
connections with the several railways diverging from Salem, Newburyport, 
Portsmouth and Portland. 

Altogether, this is one of the best located lines for passenger traffic in New 
England, but has been unfortunate in its business relations with the branch 
roads, which are a drawback upon its prosperity, and the defalcation of W. S. 
Tuckerman, its late treasurer, amounting to $232,203. The interest upon the 
Massachusetts bonds, as well as upon the funded debt of the company, is promptly 
paid. The earnings are applied to the liquidation of the floating debt and the 
income bonds as they mature— $75,000 having been paid since the last annual 
report. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending May 31, 1858. 

Office, Boston. 



Cr. 



1. Cost of Road and branch - 



2. Cost of Equipment.... 

3. Real Estate not in Con- 

struction Account.... 
Materials and Fuel.... 

4. Stocks 

5. Invested in other Roads. 

6. Debts due the Company. 
Cash 



$4,133,583 
456,524 

147.731 

65,540 
136,361 
337,393 
105; 147 

61.941 



$5,444,225 



I 7. 

8. 

! 9. 

10. 



Capital Stock, 23.534 

shares 

State of Massachusetts 

Bonded Debt 

Floating Debt 

Contingencies 

Income Account 



$2,853,400 

500,000 

1.680,500 

265,259 

11,892 

133,174 



$5,444,225 



1. Equal to about $45,000 per mile; including equipment, about $50,000 per 

mile. 

2. No details in report. 

3. No details given. 

4. Portsmouth Bridge, steamboat Daniel "Webster, and Grand Junction Rail- 

road. 

5. Essex Railroad $263,989 

G. Falls and S. Berwick Br 53,555 

Eastern Railroad in New Hampshire 17,649 

S. Reading Br Income Account 2,205 

$337,398 

6. Bills Receivable $52,821 

Accounts 52,326 

$105,147 

11 



122 capitalist's guide and railway annual. 



7. Dae in 1865, 1866, 1867, 1868. 1869, 1870. 175,000 

each $450,000 

Dae in 1871 50,000 

S. Income Bonds. 6's. due *1858, 1S59, I860, 1861, 

1862. 1863, 1864,' $75,000 each $525,000 

2:1 M. Conv. Bonds. 5's, 1S62 \ 710.000 

3d " i; S^ 1874 445.500 

* Since been paid off. 

9. Bills Payable $186,988 

Borrowed money 13,049 

Dae other reads 12,530 

Coupons unpaid 16,215 

Dividends " 6,605 

For interest accrued on branches 4.31-6 

" " " main line 2-5,486 

10. Essex Railroad Income Account $4,079 

Suspense Account 7,813 



(500,000 



11.680.500 



$265, 



$11, 



Dr. 



INCOME ACCOUNT. 



Ce. 



1857. 

Balance June 1. 

1857 

Operat'g expenses $356,509 
Rents of Gr. Jun. 

Railroad 11,000 

Ins. and taxes .... 9.414 

Interest 14* 

Gloucester Bridge.; 10,708 

Other Railroads. 22 
Cost of one engine. 
Miscellaneous.... 2,562 

"W. STuckerrn'ns 

deficiency 232.203 

Balance 



1858. 



$5,958 
322,354 

11.000 
10.324 
134.437 
10^690 
10,9.86 
1,297 



2.7-J7 



133.174 



1857. 



1858. 



$79'v533 £643.01] 



Surplus Mav 31,1 - 

1856 $56,388 

Gross earnings. . . j 699,659 
Profits on Boston! 

property j 

Profits on Bonds 

purchased j 

Profit on purchase 

of 661sh'ssto?k 

to cancel Tuck-j 

erman's over is- 
sue 

Other receipts. .. . 
Balance 



34,528 
5,958, 



616,156 

24,986 

900 



975 



$796,533! $643,017 



BUSINESS FOP. THE PAST TWO Yi 

ending May 31 1857. 

Gross earnings (899.659 $616,156 

Operating expenses 356,509 322,354 

$343,150 $293,802 

Falling oil in gross earnings in 185?. about 12 per cent. 



Dec. 



$>3.503 
34,155 

$49,348 



LOUISVILLE AND FRANKFORT RAILROAD. 



123 



Net income from gross receipts, per ct. 
" on cost of road and equip- 
ment, per cent 

" on Capital Stock (after 
deducting interest, rents, taxes and 
contingencies, per cent 

Net earnings on length of road, prmile. 



1857. 
49„ 


1858. . 
47„70 


Dec. 


1„30 


7„47 


6„40 


" 


1„07 


6„03 


4. ,74 


« 


L,29 


$3,730 


$3,194 


(< 


$536 



OFFICERS. 

John Howe, President. John B. Parker, Treasurer, &c. 

Jeremiah Prescott, Superintendent. 

Directors 
John Howe, Nathan D. Chase, Samuel Hooper 



Micajah Lunt, 



H. H. Ladd, 
Geo. M. Browne, 



John E. Lee. 



LOUISVILLE AND ERANKFOET EAILEOAD. 

From Louisville to Frankfort, Ky 65 miles. 

Having a running contract with the Lexington and Frankfort Railway, making 
a through line to Lexington of 94 miles, under the name of Louisville and Lex- 
ington Railroad. 

This line connects at Paris with the Covington and Lexington Railroad, and at 
Louisville with steamboats for the Ohio, Mississippi, Cumberland and Tennessee 
rivers. 



BALANCE SHEET. 
Fiscal Year ending June 30, 1358. 



Dr. 


Office, Lou 


sv 


ille, Ky. 


Cr. 


1. Cost of Road and equip- 
ment 

Expended on road. ... 

Real Estate not in Con- 
struction account 


$1,379,345 i 
13,763 i 

41.567 

24,982 i 

124,290 | 

5.000 
44,100 ; 
28,136 1 


5 
6. 




$741,069 


State of Kentucky 

Bonded Debt. . . 


74,520 

524,000 

28.097 

'585 


Bonds for Real Estate.. 


2. Materials and fuel 

3. Railroad Stocks 

Turnpike " 

Due the Company 


Profit and Loss 


292,912 








$1,661,183! 


$1,661,183 



124 capitalist's guide and eailwat annual. 

1. $21,432 per mile. 

2. In joint possession of L. & F. and L. & F. Railroads, 

3. In joint possession of the two roads. 

4. Bank of America to meet interest coupons $14,485 

Cash 13,651 



$28,136 

$524,000 



5. City of Louisville bonds $205,000 

Railroad bonds 319,000 

6. Unclaimed dividends. 

EARNINGS FOR TWO YEARS. 

Fiscal year ending June 30th 1857. 1858. 

Gross earnings $243,035 $245,750 Inc. $2,715 

Expenses 132,595 136,691 " 4,096 

$110,440 $109,059 Dec. $1,381 

Increase in receipts for 1858, a little over 1 per cent. 

Net income from gross receipts in 1858 44,, per cent. 

" on cost of road " 8„19 " 

" on capital stock (after deducting interest on debt) 

in 1858 9„65 " 

Net earnings on length of road $1,678 per mile* 



OFFICERS. 

Edward D. Hobbs, President. T. W. Spelman, Sec'y and Treas. 

Saml. Gill, Superintendent. 

Directors. 

T. T. Shreve, Edward D. Hobbs, Robt. G. Courtenay. 

Robert C. Hewitt, Thornton Merri wether, 



MEMPHIS AND CHARLESTON RAILROAD. 

From Memphis, Tenn., to Stevenson, Ala 271 miles. 

Somerville Branch, from Moscow to Somerville 14 " 



Total length 285 miles. 

Connects at Memphis with the Mississippi and Tennessee Railway. 
" " " Memphis and Ohio " 

" " " Memphis and Little Rock " 

" Mississippi Junction with the Mississippi Central Railway. 

Mississippi Cent'l and Tenn. Railway. 

Corinth " Mobile and Ohio u - 

Stevenson " Nashville and Chattanooga " 

Western and Atlantic " 

East Tennessee and Georgia " 



MEMPHIS AND CHARLESTON RAILROAD. 



125 



This road forms a part of the great through line from Washington city to New 
Orleans, via Lynchburg, Bristol. Knoxville, Chattanooga, Stevenson, Grand 
Junction, Grenada, Canton and Jackson. 

The road is economically built, and is doing a good business for its stockhold- 
ers—earning for them for the year ending 30th June, 1858, nearly 12 per cent, 
upon the Capital stock, after paying the interest upon the funded debt and State 
debt. Few new roads have been as successful as this, and the earnings, since 1st 
July last, show a very gratifying increase over the corresponding period of 1857. 



BALANCE SHEET. 



Fiscal Year ending June BOth, 1858. 



Dr. 


Office, Memphis, Teun. 


Cr. 




$5,276,573 
699,776 

48.293 

55,037 

102,839 

6,177 

7,637 
42,180 
67,486 
48,654 




$2 258 115 


2. Cost of equipment 


:■ 6. State of Tennessee 

I 7. Bonded debt 


1,092.000 
1 !502,000 


struction account 

Materials and fuel 

3. Invested in other roads.. 

Hotel 

" Negroes, &c. 
City of Memphis 

4. Debts due the Co 


: 8. Floating debt 

Income account 


837,992 
664,6-45 








$6,351,752 


$6,354,752 



Embracing roadway, bridges, station buildings, engineering, salaries, right of 
way, fencing, discount on bonds (175,469), and miscellaneous expenses', while 
the road was being built, $18,514 per mile ; including equipment and real es- 
tate, $21,140 per mile. 

Equipment consists of 35 Locomotives ; 32 Passenger and baggage, 4.49 Freight 
and stock, and 42 Service cars, all in good order. 

Mississippi Central R. R. stock 

Florence branch 



4. Bills receivable 

Accounts 

Agents 



Uncollected revenue.. . 
In the hands of agents . 
Cash in treasury , 



$98,916 
3,973 

$45,634 

21,285 

567 

$26,728 

12.865 

9,061 



Direct bonds of the State, bearing 6 per cent. 
the road, and $100,000 for bridges. Total 



$1,000,000 for 



7. M. Bonds, due 18S0, T 



sold 

hypothecated. 



Bills payable, maturing inside of two years. 

Accounts and individual dues 

Connecting roads 



$1,393,000 
104,000 

$665,677 

158,014 

14,301 



$102,889 

$67,486 

$48,654 
$1,100,000 

$1,502,000 
$337,992 



ir 



126 capitalist's guide and railway annual. 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Surplus, Oct. 1st, 
1857 


1857. 


1858. 


Operating expen- 


$76,529 

135,003 

190,426 
398,381 


$448,273 

79,334 

104,539 

66,000 
664,645 


792,510 

7,829 


$398,381 
964,410 


Interest and exch- 
ange account . . . 

Interest on comp. 
bonds, &c 

Interest on State 


Net earnings to 

July 1, 1857. . . . 

Gross earnings . . . 

Other receipts 












$800,339 


$1,362,791 


$800,339 


$1,362,791 



BUSINESS OF THE ROAD. 

The gross receipts for 16 months up to 30th June, 1857, were. 
The operating expenses for same period 



$780,900 

388,874 



Net earnings $392,026 

The road was opened through the whole line to Stevenson in April, 1857 ; con- 
sequently, at the close of the fiscal year of 1857, but three months' traffic on the 
entire length of the road is shown, viz : 

1856. 1857. 

Earnings $99,942 198,450 Inc. $98,508 

Nearly 100 per cent. 

The gross receipts for the fiscal year of 1858, ending June 30, were. $964,410 
Operating expenses same time 448,273 

Total $516,137 

Increase over 1857, about 22 per cent. 

Net income from gross receipts 53,, 54 per cent. 

" on cost of road and equipment 8, ,63 " 

" capital stock (after allowing for interest on debt) . . 11, ,80 " 

Net earnings on length of road $1,870 per mile. 



OFFICERS. 

Samuel Tate, President. F. C. Arms, Gen. Superintendent. 

Saml. Cruse, Ch. Eng. & Tr. E. Div. W. B. Waldron, Ch. Eng. & Tr W. Div. 



Samuel Tate, 

G. P. BlERNE, 
J. J. Do.NEGAN, 



Directors. 
Chas. W. Hunt, 
Wm. Echols, 
R. M. Patton, 



William Dickson, 
R. C. Brinkley, 
L. C. Atkinson. 



MISSISSIPPI CENTRAL AND TENNESSEE RAILROAD. 

From Junction Memphis and Charleston, and Mississippi Central 

Railway, to Jackson, Tenn 51 miles. 

Connecting with the Memphis and Charleston at Grand Junction, and Mobile 
and Ohio Railways at Jackson. 



MISSISSIPPI CENTRAL AND TENNESSEE RAILROAD. 127 

This line is properly an extension of the Mississippi Central and New Orleans 
and Great Northern roads, leading from New Orleans into the very heart of Ten- 
nessee. 

The following statement of its affairs is derived from the first annual report of 
the company : 



BALANCE SHEET. 
Fiscal Year ending July 1, 1858. 



Dr. 


Office, Bolivar, Tenn. 


Cr. 


1. Cost of Road and equip- 


$959,548 
21,607 


Capital Stock 

Delinquent Stock not is- 


$296,600 


2. Debts due the Company. 


27,691 
529,000 

24,500 
90,421 
12,933 


State of Tennessee 

Income Bonds. $50,000 
On hand 25,500 

3. Floating Debt 

Income Account 




$981,145 


$981,145 



1. Graduation 

Masonry and Bridging. 

Superstructure 

Equipment ^, . . 

Station buildings 

Engineering 

Interest, Discount, Sec. 



Equipment consists of 4 Engines ; 5 Passenger, 45 Fre 
Whole cost, $18,630 per mile. 

2. Subscriptions from Hardeman County 

" ' '• Madison " 

Bills Receivable 

Accounts 



$207,111 
70,711 
439,903 
82,916 
22.457 
56,205 
80,215 

$959,548- 

ight, and 6 service cars-. 

$7,527 

8,622 

4,661 

797 



3. Contractors and others 

Bills Payable 

Treasurer's Warrants outstanding 



EARNINGS FOR 



Fiscal year ending July 1. 

Gross earnings 

Expenses 



$60,155 
11,178 

19,088 



1857. 
*cl9.5,7 
21,602 



$2,005 



Net earnings (excess of expenses) 

* Average number of miles operated, 26. 

Net income from gross receipts in 1858 

" on cost of road " 

Deficiency of income in paying interest on debt on capital stock 
in 1858 

Net earnings on length of road in 1858 .' 



$21,607 



$90,421 

185S. 
$59,410 
40,701 

$18,709 



31,, 47 per cent. 
1„95 " 

6„70 " 
$367 per mile. 



OFFICERS. 

R. P. NeelY; President. Levi Joy, Treasurer. 

H. P. Handy, Superintendent. 



128 capitalist's guide and railway annual. 

Directors, 



R. P. Neely, 
John H. Bells, 
E. P. McNeal, 
J. J. Polk, 



P. T. Jones, 
G. Bright, 
Alex. Jackson, 
W. E. Butler, 

Saml. McClanahan. 
J. R. Fentress, 



J as. Caruthers> 
M. Brown, 
Geo. Wood, 
A. Miller, 

State Directors. 



IRON EAILEOAD. 

From Ironton (on Ohio river) to Central Station, Ohio 13 miles. 

Connects with the Sciota and Hocking Valley, and the Marietta and Cincinnati 
Railways ; also hy steamboats on the Ohio river. 

The interest on the bonds of this company is punctually paid at the Ocean 
Bank, in the city of New York, as they become due ; and its affairs are managed 
with economy and ability. 



BALANCE SHEET. 
Fiscal Year ending April 1, 1858. 



Dr. 


Office, Ironlon, Ohio. 


Cr. 




$157,011 
20,600 

7,403 

24,730 

5,735 

493 


Capital Stock 

" for dividend... 
Bonded Debt 


$123,900 
10,878 
50 000 


Cost of equipment 


struction Account 

Debts due the Company. . . 


Floating Debt 


3,870 
27,374 




Cash 










$216,022 


$216,022 



The gross earnings for the fiscal year ending April 1, 1858, were. . 
Expenses during the same period 



$30,345 
17,818 

Net earnings $12,527 

Net income from gross receipts 41„34 per cent. 

" on cost of road 6.,77 " 

" on capital stock (after deducting interest on debt) . 7, ,23 " 

Net earnings on length of road $963 per mile. 



Dr. 


INCOME 


ACCOUNT. 


Cr. 




1858. 


; Surplus April 1, 1857 


1858. 


Operating expenses 


$6,649 

. 3,564 

6.442 

L264 

3,458 

27,374 


$17,834 

30,345 

572 






" machinery 

Expenses 

Balance 


1 






$48,751 




$48,751 



MADISON AND INDIANAPOLIS RAILEOAD. 

TABLE OF MONTHLY EARNINGS. 



January . . . 
February . . 

March 

April 

May 

June 



1856. 


1857. 


1858. 


$1,350 


$2,384 


$1,760 


1,173 


2,073 


1,403 


1,698 


2,283 


1,772 


1,936 


3.233 


2,436 


2,499 


2,661 


2,546 


2,782 


3,032 


3,156 



July 

August 

September. . 

October 

November . . 
December. . . 



1856. 


1857. 


$2,720 


$3,318 


2,726 


2.966 


3,000 


3,176 


2,673 


2,772 


2,599 


2,003 


2,779 


2.249 



129 



1858. 

$2,524 
2,692 
3,137 
2,607 
2,451 



OFFICERS. 

R. B. Hamilton, President. Samuel Richards, Secretary. 

W. D. Kelley, Treasurer. 



John E. Clarke, 
John Peters, 



Directors. 

John Campbell, 
John Ellison, 
S. W. Dempsey, 



John Culbertson, 
R. B. Hamilton. 



MADISON AND INDIANAPOLIS EAILE0AD. 

From Madison to Indianapolis, Indiana 87 miles. 

Connects at Vernon, Indiana, with Obio and Mississippi Railway. 

" " Columbus, " " Jefferson. " 

" " Edinburg, " " Shelby ville, Literal and Rushville Railway 

" " Franklin, " " Martinsville Railway. 

" " Indianapolis, " " all the roads (8 in number) leading from 

that city. 
The printed reports of this company do not contain, as is usual with most com- 
panies — a balance sheet ; consequently no information can be given of its finances 
or its debt. Such meager reports are calculated to impair confidence in all rail- 
way statements. Those in question are not accompanied even by the usual re- 
marks of the superintendent of the road. It is well known that the balance sheet 
is the compass to which stockholders as well as creditors must look for the safety 
of their investments ; and to withhold any information that exhibits a true picture 
of the internal affairs of the company at a time like the present, when confidence 
in railway securities is well nigh destroyed, will not fail to bring down upon the 
officers of all roads, who adhere to such a policy, the severest censure. 



INCOME FROM TRAJEIC— TWO YEARS. 

1856. 

The gross earnings $270,318 

Current expenses 166,497 

Net earnings of road $103,821 

Falling off in 1857 in earnings. 21 4 per cent. 
" " " net profits, 32 " 




$70,S7S 



130 capitalist's guide and railway annual. 

1856. 1857. 

Net income from gross receipts, per cent 38, ,45 33, ,34 

on cost of road, « 3,.24 2„21 

" " Capital stock, after deducting interest, taxes 

and commissions, per cent 1,,4*2 Nothing. 

Net earnings per mile on length of road $1,192 $814 

Deficiency in net earnings to meet interest, taxes, commissions and ordinary 
expenses, in 1857, $8,166 — equal to | per cent, on the capital stock. 



1856. 



STATEMENT OF RECEIPTS AND EXPENDITURES. 

1857. 



Receipts. 




Receipts 




From Road 


$270,318 


From Road 


$212,664 


Income bonds. . . 


190,000 


Dues to the Co. . 


3,986 


Bills payable. ... 


57,886 


Bills payable .... 


35,617 


Iron sold 


11,527 


Iron sold 


1,244 


JefFersonv. R.R. 


3,514 


Railroads 


740 


Insurance 


3,517 


Rent 


62 


Rent 


1,140 


Treasury over- 




Suspended debt . 


1,905 


drawn 


2,924 


New terminus... 


474 


Balance 


2,977 


Balance in trea'y 


12,916 


$553,227 








Payments. 




Payment. 


f. 


Transportation ex- 




Transportation ex- 




penses 


$166,497 


penses 


$141,786 


Trans., other roads 


5,060 


Other roads 


11,044 


" steamboats 


15,704 


Steamboats 


2,484 


C. and Shelbyville 




C. and Shelbyville 




construction .... 


72,798 


construction 


6,239 


Repairs of road, &c 
Debts due by the Co 


34,779 


Repairs of road . . . 


8,096 


9,283 


Debts due the Co. . 


2,024 


Discount on bonds. 


37,200 


Interest, commis's 




Interest, commis'ns 




taxes, &c 


88,541 



$260,214 



and taxes 80,334 

Interest due State.. 69,108 

Back interest 59,485 

In treasury 2,977 



$553,227 



$260,214 



F. H. Smith, President. 
R. P. Jones, Treasurer. 



OFFICERS. 

T. P. Mathews, Secretary. 
D. C. Branham, Superintendent. 



Jacob McChesney, 
Wm. M. Dunn, 



Directors. 
Nathan Powell, 
Peter McMartin, 
* John J. Palmer, 



Edmund H. Miller, 
F. H. Smith. 



* Deceased. 



LOUISVILLE AND NASHVILLE RAILROAD. 131 



LOUISVILLE AND NASHVILLE EAILEOAD. 

From Louisville, Ky.. to Nashville, Term 184 miles. 

Finished from Louisville to Munfordsville 73 miles. 

Nashville to Gallatin 26 " 

In progress from Gallatin to Munfordsville 85 " 

Total main line 184 miles. 

Lebanon Branch, from Lebanon Jun' to Lebanon, Ky 36 " 

Total length 220 miles. 

This road conneets at Louisville with the different lines centering in that city 
and those on the opposite shore in Indiana, and with steamboats ; and at Nash- 
ville with the Nashville and Chattanooga, Tennessee and Alabama, and several 
roads in process of construction. 
It will be seen by the Balance Sheet that there ha3 already been 

expended for the road, and equipment for about 100 miles $3,834,980 

Leaving, according to the engineer's estimate, the following work 

yet to bo done : 

Graduation and masonry $585,255 

Iron rails 400,000 

Spikes, chairs, ties, ballast and tracklaying 291,000 

Buildings, equipment, engineerng, &c 296,500 

Half cost of Cumberland river bridge 100,000 

Total cost.. $1,742,755 

Deduct one-half cost of 9| miles of road paid by the 

Edgefield and Kentucky Railroad Co 130,000 

1,612,755 

Total cost n'hen completed $5,447,735 

Means applicable to the work are : 

1st Mortgage Bonds on hand $1,923,000 

Balance of State aid 255,000 

Residue of Bonds, notes, &c, after deducting the Floating debt 341,583. 

Total $2,519,583 

Deduct estimate of engineer 1,612,755 

Leaving an excess of means $906,828 

It is contemplated to build a branch from Bowling Green to Russellville (48 
miles), to intersect with either the Memphis, Clarksville and Louisville, or Mem- 
phis and Ohio roads, both of which are in progress, and will reach the State line 
with State aid. The latter is in operation 50 miles, and graded to its crossing 
of the Mobile and Ohio road, and an efficient force now at work on the line to 
Paris, Tenn. Eighty miles extension northeastwardly, will connect it with the 
branch in question, with the aid of the State of Tennessee for $10,000 per 
mile, the whole distance. By this connection, the city of Louisville will have 
opened to her the entire trade of Western Tennessee, North Alabama and North- 
ern Mississippi. To aid in the construction of the Memphis branch of 48 miles, 
the city of Louisville in August last authorized a subscription of $300,000, and 
the county of Logan likewise subscribed $300,000 ; and private subscriptions, it 
is expected, to the extent of $100,000 more, will be forthcoming. These, with the 
excess of means from the main line, will, it is thought, be sufficient to intersect it 
with the road leading to Memphis. 



132 capitalist's guide and railway annual. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending October 1, 1858. 
Office, Louisville, Ky. 



Cr. 



1. Cost of road 

2. Cost of equipment 

Company's 1st M. Bonds 

on hand 

City, County and State 
(Tennessee) Bonds on 
hand 

Cash 

Debts due the Company 



$3,580,826 
254,154 

1,927,000 



532,700 

13,637 

111,377 



$6 419.694 



Capital Stock issued 

" not issued. 

State of Tennessee 

Bonded Debt 

Floating Debt 

Income Account 



151,430 

528,994 
300,000 
000,000 
320,132 
119,138 



$6,419,694 



1. Iron and grading for 100 miles of road, including rolling stock, making the 

cost, as near as can be arrived at in the construction of a work of this length, 
about $38,350 per mile. 

2. Consists of 10 Locomotives, and 144 Cars of all kinds. 

Tbe earnings for the fiscal year for about 60 miles of road operated, 

were $163,288 

Expenses 68,993 

Net earnings $94,995 

Proportion of net income to receipts 58,, 28 per cent. 

" " on cost of road 2,,45 " 

Net earnings on length of road $1,583 per mile. 



OFFICERS. 

John L. Helm, President. Willis Ranney, Secretary. 

Hon. James Guthrie, Vice President. James T. Gamble, Superintendent. 



John L. Helm, 
H. D. Newcomb, 



Directors. 

J. B. Alexander, 
Hon. James Guthrie, 



J. B. Wilder, 
Thomas Quigley. 



WILMINGTON AND WELDON EAILE0AD. 



From Wilmington, N. C, to Weldon, N. C 162 miles. 

Connecting at Wilmington with the Wilmington and Manchester Railway. 

Goldsboro " " North Carolina Central " 

" " " Atlantic and North Carolina " 

Weldon " " Seaboard and Roanoke 

" " " Petersburg and Weldon " 

" " " Raleigh and Gaston «■ 



WILMINGTON AND WELDON RAILROAD. 



133 



This road was opened for traffic in 1841, and was for about fifteen years the only 
conveyance along the seaboard by railroad for the passenger travel and the United 
States' mails. Within the past year a new route has been opened via Lynchburg, 
Bristol, Knoxville, Chattanooga, Stevenson and Jackson to New Orleans, which 
will doubtless draw off a considerable travel from the lower route, and materially 
affect the receipts of this road. It has, however, a permanent business along its 
own line and tributaries which must steadily increase, and there can be no fear, 
by strict economy in operating the road, of a decline in business sufficient to im- 
pair its capacity for revenue. It is easy in its finances, and the company pays 
regular semi-annual dividends of 7 per cent. — has a small debt and a large sur- 
plus. Since the annual statement the first English debt due in 1858 has been ex- 
tended fourteen years by the payment of one-third of the principal — $76,444 — 
reducing the funded debt to (Oct. 1st) $844,726. 

Of the company's bonds, $250,000 endorsed by the State, $50,000 each will be- 
come due on the 1st January, 1859, 1860, 1861, 1862 and 1863. These payments 
can readily be made as they become due by withholding a part of the annual div- 
idend, thereby distributing among the stockholders $46,000 instead of $92,000 for 
the ensuing five years. If the State will renew her endorsement, the payment of 
these bonds can easily be extended, without interfering with the semi-annual div- 
idends. 



BALANCE SHEET. 
Fiscal Year ending September 30, 1858. 



Dr. C 


)ffice, Wilm 


ngton, N. C. 


Cr. 


1. Cost of road and equip- 




Capital stock 


$1,340,213 


ment 


$2,776,404 


| 6. Bonded debt 


916,222 


Real estate not in con- 


56,254 


i 7. Floating debt 


104,948 


struction account 


Profit & Loss $808,251 


2. Invested in Stocks 


107,000 


Less in Lon- 




3. " Bridges 


11,370 


don to pay 




" Ferry boat 


10,582 


interest.... 13.160 










795,091 


N. C. (par 






$104,000).... 


98,962 


i 




M Negroes 


15,000 






4. Debts due the company . 


24,413 








56,489 












$3,156,474 


$3,156,474 



1. Cost of 162 miles of road, including amount expended on its reconstruction, 

equipment, station buildings and warehouses, $17,488 per mile. 
Embraced in the construction account are 24 Locomotives, valued at $133,500 ; 
32 Passenger and baggage, 120 Freight and 25 Service cars, valued at 
$96,050, and materials and'fuel valued at $14,028. 

2. Stock in Wilmington and Manchester R. R $100,000 

" of this company purchased 3.850 

" in Washington and N. O. Tel. Co 3,150 

$107,000 

3. Smith Creek Bridge $3,740 

Northeast river ** 7,630 

$11,370 

4. Bills receivable $8,496 

Accounts , 15,917 

$24,413 

12 



134 capitalist's guide and railway annual. 

5. Uncollected revenue and P. 0. Dep't $17,375 

Cash in hands of agents 2,030 

Cash on hand 37,084 

6. Bonds, payable in England $222,667 

Mort. " " " 443,555 

Bonds of the Co., endorsed by State of N. C 250,000 

7. Billspayable $33,141 

Accounts 16,681 

Pay rolls, not yet due 7,654 

Negro bonds , 40,645 

Unpaid dividends 6,827 



$56,489 



$916,222 



$104,948 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Gross earnings . . . 
Other receipts. . . . 


1857. 


1858. 


Operating expen- 
ses 


$225,502 

47,073 
22,757 
71,527 
93,026 
8,246 

29,378 


$221,141 
14,377 

74,339 

86,382 
13,000 

42,654 


$491,220 
6,289 


$444,275 
7,618 


On account of con- 
struction 

Equipment 




Dividends 

Miscellaneous .... 
Balance (Profit & 










$497,509 


$451,893 


$497,509 $451,893 













BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending Sept. 30 1857. 1858. 

Gross receipts $494,508 $446,593 Dec. $47,925 

Operating expenses 225,502 221,141 " 4,361 

Net earnings $239,006 $225,442 

Falling off in Gross receipts in 1858, about 10 per cent. 

1857. 1858. 
Net income from gross receipts, per cent. 54„40 50„48 Dec. 
" on cost of road and equip- 
ment, per cent 9„70 8„12 " 

" " Capital Stock (after de- 
ducting interest on debt, per cent. . . 14„75 H, 5 28 " 

Net earnings per mile on length of road. $1,661 $1,392 ** 



$43,564 



3„92 
1„58 
3„47 
$269 



CHICAGO, BURLINGTON AND QUINCY RAILROAD. 135 

TABLE OF MONTHLY EARNINGS. 



January . 
February 
March. . . 

April 

May .... 
June 



1857. 


1858. 1 


$33,027 


$35,624 


40,488 


32,241 ! 


55,342 


53,526! 


38,75! 


35,759 


31,843 


29,040 1 


41,436 


37.398 ! 



July 

August . . . 
September 
October . . 
November 
December. 



1856. 


1S57. 




$31,952 




37,442 




57,458 


41,708 


40.855 


32,039 


28,466 


49.733 


46,962' 



$25,908 
29,762 
48,733 



OFFICERS. 

Hon. Wm. S. Ashe, President. James S. Green, Secretary and Treasurer, 
S. L. Fremont, Engineer and Superintendent. 



P. K. Dickinson, 
A. J. DeRosset, Jr. 



Directois. 



J. D. Bellamy, 

E. P. Hall, 

W. W. Peirce, 

L. H. B. Whittaker, 
"Wm. A. Wright, 
W. K. Lane, 



Gilbert Patter, 
"W. C. Bettencourt 



State Directors. 



CHICAGO, BURLINGTON AND QUINCI RAILROAD. 

From the junction of Galena and Chicago Railroad to Galesburg. . 138 miles. 

In order to make the line complete from Lake Michigan to the Mis- 
sissippi river, the C. B. & Quincy Company leases 30 miles oT 
track from Turner Junction into the Union Depot at Chicago 
from the Galena and Chicago Railroad Company, and 42 miles of 
track from the Peoria and Oquawka Company, extending from 
Galesburg to East Burlington, making the total distance operated 

by the Chicago, Burlington and Quincy Railroad Co 210 miles- 

As follows: 

From Chicago to Junction 30 miles. 

" Junction to Galesburg 138 " 

" Galesburg to East Burlington 42 " 



Total 210 miles. 

The above road connects at 
Chicago with the roads running into the Union Depot, and with all other lines 
diverging from Chicago, 
tributaries of the Galena and Chicago Railway. 
Illinois Central Railway. 
Chicago and Rock Island " 

Peoria and Oquawka " 

Northern Cross Railroad for Quincy. 
E. Burlington with the Burlington and Missouri River Railway, and with steam- 
boats for Keokuk. 
Quincy with the St. Louis, Davenport, Dubuque and St. Paul packets. 



Junction 
Mendota 
Princeton 
Galesburg 



136 capitalist's guide and railway annual. 

This line throughout is made up from roads commenced under other organiza- 
tions, thus: the track from the junction to Meudota was formerly the Chicago 
and Aurora Railroad ; the one from Mendota to Galesburg was the Central Mili- 
tary Tract Railroad, while that from Galesburg to Quincy is still the Northern 
Cross Railroad, and is a separate interest, the trains being run in connection with 
those of the Chicago, Burlington and Quincy Company. In 1855 the name of the 
Aurora road was changed to that of this company, and in July, 1856, a consoli- 
dation was effected with the Central Military Track company, stockholders in the 
latter receiving share for share in the new company, and in addition thereto, 
upon the payment of $60, with interest at the rate of ten per centum, for one 
share in the old, holders were entitled to two shares in the consolidated company. 
The rolling stock of the Central Military Track road being new, the consolidated 
company paid a bonus of $25 per cent, pi-emium for it. The funded debt was as- 
sumed by the consolidated company. 

There is some disagreement between the C. B. & Q. and the Peoria and 
Oquawka Company — the latter owning the line from Galesburg to East Burling- 
ton — which may finally end in the road passing out of the hands of the stock- 
holders, in which event the Chicago, Burlington and Quincy Company would be 
deprived of its use as lessees. This is a perplexing position for a company, who 
is dependent upon the track of a rival road to reach au important river termini, 
and its purchase should be secured at the earliest moment at $1,187,500, the 
amount agreed upon by the committee having the matter in charge. 



BALANCE SHEET. 
Fiscal Year ending April 30, 1858. 
Dr. Office, Chicago. 


Ce. 




$6,063,530 

1,400,396 

214,834 

573.500 

2,200 

105,000 

13,900 

106,150 


7. Capital stock 

8. Bonded debt 


$4,631,540 
3,158,000 


2. Cost of equipment 

3. Materials and fuel 

4. Other Railroads 

Stock in this road 

5. Chicago and Aurora 

bonds cancelled 

Debts due the Company. 


J 9. Floating debt 

Income Account 

j 


306,006 
388,964 








$8,484,510 


$8,484,510 



1. Embracing the cost of the Chicago and Burlington and Central Military Track 

railroads, about $14,000 per mile ; including equipment, $54,123 per mile. 

2. Consists of 58 Locomotives ; 41 Passenger and baggage Cars, 899 Freight, 40 

coal, and 27 Hand Cars. 



3. Materials in machine shops. 

" car shops 

" store 

Fuel on the line 



Peoria and Oquawka Railroad Company's bills, 

bonds and accounts 

Northern Cross Railroad Co 



5. 2d Mortgage. . 

6. Due from aerents and connecting roads 

Deposits in "N ew York and Boston 

In treasury 



$57,002 
53,108 
15,673 
89,051 



$466,500 
107,000 



$38,171 
29; 131 
38.8-18 



$214,804 



$573,500 



$106,150 



CHICAGO, BURLINGTON AND QUINCY RAILROAD. 137 



7. 46,315shares $1,631,500 

Fractional stock scrip 40 

8. Chicago and Aurora 1st Mortgage Bonds, 7's $464,000 

2d " ' " 7's * 318,000 

Central Mil. Tract 1st " " 7's 592,000 

" 2d " Conv. Bds.,8's 366,000 

" " Apr. 1, 1854, " 8's 17.000 

M'chl, 1858, " 8's 68,000 

C, B. and Quincy 1st Mortgage " 8's 104',000 

not " 8's 1,223,000 

9. Bills Payable $ 

Unpaid pay rolls and accounts «... 

Unclaimed dividends 



$4,631,540 



$3,158,000 



£3,003 



Dr. 


INCOME ACCOUNT. 


Cr. 




1S58. 


Materials Mayl, 
1857 $134,9S5 


1853. 


Operating expenses 

Expenses operating P. & 


$694,400 

22.668 
213,780 

30,654 
231,750 
338,964 




O. R. R. 3 years 

Interest and exchanges 

Taxes 1856 and 1857 

Dividends 


Less bills subse- 
quently adjust- 
ed $29,393 

Cr. bal. 28,538 

$57,936 




Balance 






$77,049 
1,505,167 












$1,582,216 


$1,582,216 



BUSINESS FOR TWO YEARS. 

Fiscal year ending April 30 1857 1858. 

Earnings $1,650,526 $1,505,167 Dec. $145,359 

Operating expenses 855,516 694,400 " , 161,116 



$795,010 $810,767 Inc. $15,76T 
Falling off in gross earnings in 1858, nearly 9 per cent. 
Decrease in expenses in 1858, about 19 per cent. 

Net income from gross receipts in 1858 54„ per cent. 

" 1857 4S„18 

" on cost of road and equipment in 1858 10„S9 " 

" on capital stock, after deducting for interest, taxes, 
excess of rent over earnings on P. & O. R. R., 

&c, in 1858 11„74 " 

Net earnings on length of road $3,881 per mile. 



TABLE OF MONTHLY EARNINGS. 



January 

February . . . 

March 

April 

May 

June 



1856. 


1857. 


1858. 


$73,346 


$75,564 


$67,282 


55,084 


76,915 


65,028 


89,243 


94,699 


76,452 


101,385 


115,833 


85,721 


116,949 


142,950 


87.641 


134,286 


195,452 


97,914 



July 

August 

September. 
October . . . 
November . 
December. . 



1856. 


1857. 


$148,047 


$153,246 


201,793 


145,940 


229,848 


199,921 


226,394 


177,220 


144,780 


121,169 


106,794 


74,786 



1858. 

$107,834 
104,587 
138,751 
131,462 
108,351. 



12' 



138 capitalist's guide and railway annual. 

The earnings for the 7 months ending November 30, as compared with those in 
857. are as follows: 

1857. 1858. 

Gross earnings May 1 to Nov 30 $1,135,978 $776,540 Dec. $359,438 

Expenses same period. 446,318 *357,209 " 89,109 

Net earnings for 7 mos $689,660 $419,331 « $270,329 

* At 54 per cent, income from receipts — same as last year. 
Falling off in gros3 receipts thus far in 1S58, nearly 32 per cent. 

Allowing for the remaining five months of the fiscal year the same earnings as 
in 1857, the following would be the results of the two years' business : 

1856. 1857. 

Net income from gross receipts, per cent 54„ 54., Dec 

" on cost of road, &c, " 10„89 8„26 " 2„63 

" on Capital Stock, after deducting in- 
terest, taxes, &c, per cent H„74 8„05 " 3„69 

Net earnings on length of road, per mile $3,861 $2,946 " $915 



OFFICERS. 



John Van Nortwick, President. 
Edward L. Baker, Chairman. 



Amos T. Hall, Sec'y and Treasurer. 
Charles G. Hammond, Superintendent. 



John Van Nortwick, 



John Van Nortwick, 
Chauncey S. Colton, 
Isaac H. Burch, 
James F. Joy, 



Executive Committee. 

Isaac H. Burch, 

Directors . 

Edward L. Baker, 
Erastus Corning, 
Nathaniel Thayer, 
John M. Forbes, 



James F. Joy. 



Robert B. Forbes, 
John W. Brooks, 
Sidney Bartlett, 



SANDUSKY, DAYTON AND CINCINNATI HAILR0AD. 

(Formerly the Mad River and Lake Erie.) 
From Sandusky to Dayton, Ohio 153 miles. 

Connecting at Sandusky with the Lake Steamers. 

" " " Cleveland and Toledo (N. Div.) Railway. 

" " " Sanduskv, Mansfield and Newark " 

Clyde " Cleveland and Toledo (S. Div.) 

" Carey " Fiudlay Br., Dayton and Michigan " 

" Forest " Pittsburg, Fort Wayne and Chicago Railway. 

" Bellefontaine " Indianapolis, Pittsburg and Cleveland 

M (Jrbana " Columbus, Piqua and Indiana 

" " " Atlantic and Great Western 

** Springfield " Springfield, Mt. Vernon and Pittsburg 

" " " " and London 

11 Dayton " Cincinnati, Hamilton and Dayton 

M " " Dayton and Michigan 

" " " " Columbus and Xenia 

" " " " and Western 



SANDUSKY, DAYTON AND CINCINNATI RAILROAD. 139 

The location, as will be seen by the number of connections, is equal to any in 
Ohio : and before it had so many competing lines to contend with, the Mad River 
and Lake Erie Road was a paying concern. Mismanagement, and withholding the 
true condition of the company from the public (no printed report having been fur- 
nished to the shareholders since February 1, 1854) for a long period, finally ended 
in bankruptcy, and made it necessary, in order to prevent its mortgage debt 
sinking any lower in value, to call a meeting of its bondholders, which was held 
in Boston in February, 1858. At this meeting the President and State Director 
were present for the purpose of adjusting the conflicting claims of the different 
classes of bondholders and creditors, without appointing a Receiver. Subse- 
quently a committee from the New York bondholders was appointed to confer 
with that in Boston ; and after a resolution causing a rigid examination into the 
affairs of the M. R. and L. E. R. R. Co., the following, in substance, was agreed 
to by the bondholders : 

1. Holders of Second and Third Mortgage bonds, Dividend bonds, and tho 
Mortgage bonds of the Sandusky City and Indiana Railroad Company, guaran- 
tied by the M. R. & L. E. R. R. Co. ; and such as hold the Mortgage bonds of 
the Springfield and Columbus Railroad Company, guarantied by the M. R. & L. 
E. R. R. Co. ; agree to surrender to the latter the two coupons upon all of the 
above described bonds, which fall due in 1858, and receive therefor new 6 per 
cent, of the Mad River and Lake Erie Railroad Company, due in twenty years, 
with interest semi-annually, the bonds to bear interest from the end of the year, 
and said surrender to commence with the coupons due in February, 1858 ; and 
do further agree, during the three following years, to surrender to said M. R. & 
L. E. R. R. Co. the first of the coupons falling due in each year, upon the pay- 
ment of the second. Thus surrendering, to be cancelled, five coupons in all dur- 
ing the four years, and receiving bonds at par for two of them. 

2. Holders of the above-mentioned dividend bonds do hereby agree to ex- 
change them at par for new bonds bearing the same rate of interest, and payable 
in twenty years from the 1st of February, 1858. 

3. Holders of the 8 per cent, stock of the Sandusky City and Indiana E ail- 
road Company, guarantied by the Mad River and L. E. Railroad Company, 
agree to receive the new 6 per cent, twenty year bonds at par for two dividends, 
viz : The dividend which fell due 1st December, 1857, and that due 1st June, 1858 ; 
and do further agree to discharge the Mad River and Lake Erie Railroad Com- 
pany from the payment of the then dividends upon the guarantied stock, which 
will fall due on the 1st of December, 1858, 1859 and 1860, provided the dividends 
on tho 1st of June, in the years 1859, 1860 and 1861, are punctually paid. 

4. The holders of all the above securities may, at their election, receive the 
full amount of interest and dividends due to them for the last of the four years, 
by taking the new 6 per cent, bonds — the election for each year to be made at th« 
end of the first six months thereof. 

The relief referred to was only to be extended in the event that the company 
could, within the period of four years, arrange by compromise its floating debt, 
and for the $218,000 overdue coupons still unprovided for. The matter is now in 
the hands of a committee for the purpose of carrying out the plan of the Boston 
meeting, but with what prospect of success the report does not show. 

The road and equipment have been much neglected, in consequence of the pov- 
erty of the company, and the large annual outlay required to make good the de- 
preciation, absolutely necessary to put the road in a condition for increasing its rev- 
enues. It will require, therefore, economy and good management, with the great- 
est forbearance on the part of bondholders, to bring the affairs of the company into 
a condition that will yield the shareholders the most trifling return for their orig- 
inal outlay. 



140 capitalist's guide and railway annual. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending Jvau 30, 
Office, Sandusky, Ohio. 



Cr. 





$3,195,994 
792,265 
605,900 




$2,697,090 

2,411,000 

475,835 




3. Bonded debt 


2. Cost of equipment 


4. Floating debt 


Lands not in construc- 




5. Contingent account.... 


18,750 


tion account 


419 






Materials and fuel 


36,785 






Stocks, bonds and debts 








due the company 


71,779 






Bonds of the company on 










215,500 
158,333 











Springfield and Colum- 








bus Railroad 


36,601 






Unavailable balances. . . 


48,510 






Cash and cash balances . 


37,303, 






Balance of income acc't. 


9,477 








393,809 












$5,602,675 


$5,602,675 



1. Including stations, $26,069 per mile ; with equipment, $30,000 per mile. 

2. Consists of 39 Locomotives ; 27 Passenger and baggage cars, 275 Freight, 44 

Stock, and 46 Hand cars. 

S. Bonds, 7's, 1855 

" 10's, 1856 

7's, 1866 

" 7's, 1875 

" 6's, Dividend 



$8,000 

182,000 

997,000 

1,000,000 

224,000 



4. Bills Payable 

Pay rolls, materials and loan 

Dividends due 

Taxes, proportion for last 6 mos 

Joint earnings with C, C & C. Railroad Co., Nov. 

lto May 1 

5. Fund against which to charge new engines. 



$337,008 

116,405 

8,791 

7,200 

6,431 



$2,411,000 



$475,835 



Dr. 


INCOME ACCOUNT. 


Cr. 




1858. 




1858. 




$49,273 

401,708 

4,892 

83,704 

13,581 


$543,681 
9,477 


Operating expenses 

Damage on freight 

Interest 

Taxes 








$553,158 


$553,158 



ANALYSIS OF THE BUSINESS FOR THE PAST TWO YEARS. 
Fiscal year ending June 30 1857. 1858. 



Gross receipts $686,199 $543,680 

Expenses 476,482 401,708 

Net earnings $209,717 $141,972 

Falling off in gross receipts in 1858, about 21 per cent. 



Dec. 



$142,519 
74,774 



$67,745 



DUBUQUE AND PACIFIC RAILROAD. 



141 



1857. 1858. 

Net- income from Gross receipts per cent. 30„56 26„09 Dec. 4„47 

" oncostofroadandequipm't, " 4„56 3„09 " 1„47 
Deficiency of income to meet interest, taxes, &c, 

upon Capital Stock percent. 0„42 2„96 Inc. 2„54 

Net earnings on length of road, per mile $1,371 $929 Dec. $442 



TABLE OF MONTHLY EARNINGS. 



; 1856. | 1857. | 1858. 

January.... i $32,25oj $41,272 $22,866 

February... ! 27,642! 37,989 52,998 

March \ 42.211 1 49,151 ! 39,032 

April 39,794 54,632 53,762 

May , 54,779' 53,197i 43.622 

June ! 51,451! 54,972' 42,847 



July 

August. . . . 
September. 
October . . . 
November.. 
December. . 



1856. 1857. 



$55,081 
68,645 
75,650 
80,657 
65,312 
49,531 



$51,496 
60,182 
72,372 
56,318 
43,710 
31,475l 



OFFICERS. 

Oran Follkt, President. Jas. A. Wallis, Treasurer. 

John H. Hudson, Superintendent. 



David A. Neal, 

Mark Healy, 

E. C. Litchfield. 



Directors. 

Elijah P. Williams. 
N. P. Stewart, 
J. C. Parkhurst, 
S. A. Winslow, 



R. E. RUNKLE, 

John P. Yelvertow, 
Oran Follett. 



DUBUQUE AND PACIFIC EAILROAD. 



From Dubuque, Iowa, to Sioux City, at the confluence of the Mis- 
souri and Big Sioux rivers 319 mile* 

Finished from Dubuque to Manchester 47 miles. 

Partially graded to Cedar Falls. 22 " 

Contracted for to Fort Dodge 92 " 

From Dubuque to Fort Dodge 161 miles. 

Located by surveys 158 " 

Making the whole distance, as above 319 miles. 

This road, when finished, will be a valuable tributary to the Illinois Central 
and Galena and Chicago Railways, as well as to the Milwaukee and Mississippi 
road, should it be extended west from Monroe to Dunleith. 



142 capitalist's guide and railway annual. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending May 31, 1858. 



Cr. 



1. Cost of road 

2. Cost of equipment 

3. Real estate not in con- 

struction account 

4. Debts due the company . 

5. Cash means 

Interest account 

Discount on construction 

bonds 



$1,579,988 
166,823 

257,120 
31.882 
16,679 
25,421 

189,400 



$2,267,313 



6. Capital stock 

7. Bonded debt 

8. Floating debt '. 

Gross earnings 

11th May to 
SlstDeo'r.. $51,671 
Operating ex- 
penses ..... 29,231 



$838,086 
965,000 
441,787 



22,440 



$2,267,313 



L Right of way $18,046 

Construction 1st Division, which includes interest,' 

grading, iron, buildings, &c 1,208,676 

2d Division (advanced on contract) . . . 185,531 

• Tete de Morts Branch, " ... 25 770 

Iron purchased for 2d Division 65'o54 

Engineering 33' 249 

Salaries of officers and others \..\ 29146 

Expenses from organization \,\\ 14'516 



To which add discount on construction bonds, inter- 
est, &c 



$1,579,988 

214,821 



$1,794,809 



For 47 miles of road, equal to $38,188 per mile ; but owing to the difficulty in 
apportioning the various expenditures upon the different divisions and Tete 
des Morts branch, this estimate per mile will only serve as a guide for the 
i C0 A Sfc °*o5^ ad t0 Mancheste r- The contract to Dyersville (30 miles) was 
let at $36,666 per mile ; that from Dyersville to Cedar Falls at $23,500 : the 
one from Cedar Falls to Fort Dodge at $23,000 per mile, without equip- 
ment, but included buildings, shops, &c, for a first-class road. 

2. Consists of 8 Locomotives ; 8 Passenger, 77 Freight, and 9 service cars. 

3. South Dubuque purchase, lands near depots, and ex- 



penditures thereon, and woodlands. ... 
Depot South Dubuque, and additional purchase. 



Bills Receivable. 
Accounts 



5. Cash due from New York office . 
" on hand 



$237,010 
20,110 



15,830 
16,052 



$6,098 
9,771 



6. Capital stock authorized, 150,000 shares, or 
$15,000,000, of which there is issued : 

8,0145 shares full paid stock $801,450 

60 per cent, paid stock '36O 



$257,120 



$31,882 



$16,679 



6 



531 
141 



m part. 



5,310 
637 



30,329 shares Optional stock at $1 per share 



$807,757 



$838,086 



Note !— 4,715 shares Optional stock have been issued, to accompany bonds 



DUBUQUE AND PACIFIC RAILROAD. 143 

7. 1st Mortgage Bonds (original issue) .. . $450,000 
Amount retired 445,500 

$4,500 

2d Mortgage Bonds (original issue) .... $200,000 
Amount retired 182,500 

$17,500 

New Construction Bonds $943,000 

$965,000 

8. BillsPayable $434,640 

Scrip issued 3,791 

Accounts 3,356 

$441,787 

The gross receipts, as will be seen by tbe Balance Sheet, during 
the time the road has been opened for business, May 11, 1857, to 
January 1, 1858, has been $51,671 

Expenses during same period 29,231 

Net earnings $22,440 

Or 44 per cent, of gross receipts. 

Resources applicable to payment of the floating debt, and the extension of the 
road west : 

Stock — unpaid installments $61,492 

County Bonds— Webster Co $200,000 

Black Hawk Co 200,000 

$400,000 
Valued at $320,000 

Building lots in city of Dubuque $118,750 

Levee front on Miss, (of Dubuque) 85,000 

Building lots on the line of the road to Fort Dodge, 

(6,891 in number), valued at $932,300 

Debts due the company 19,186 

230,400 acres land already acquired, valued at $5 $1,382,400 

387,840 acres, to be acquired on reaching Fort Dodge, 
valued at $3 1 ,163,520 

Total means $4,082,648 

The amount of Floating debt is now $441,787 

Balance due on contract, 2d Division 1,365,040 

Amount of contract for 3d " 2,137,500 

Balance on Tetedes Morts branch road 257,407 

Add for equipment 300,000 

Total cost to Fort Dodge $4,501,734 

From which deduct resources as above 4,082,648 

Deficiency of means $419,086 

counting all the resources as available for the extension of the road. All who 
are familiar with such assets cannot fail to perceive that every item is valueless in 
the present condition of real estate securities at the west. So confident have the 
directors become of the utter impossibility of building the road with bonds based 
upon the credit of the company, that they have put forth another plan for its 
completion to Cedar Falls, leaving the public to infer that the contracts entered 
into with Mason, Bishop & Co., on the 9th October, 1856, and 18th March, 1857, 
to complete the road from Dyersville to Fort Dodge, have fallen through. 

The new programme is this : 

To issue land scrip in denominations of $5, $10, $100 and $500, receivable at the 
Land Department of the company on presentation by bearer, in payment for any 



144 capitalist's guide AND railway annual. 

lots or lands at the appraised value, amounting in all to $4,828,100. The means 
set apart will be : 

460,800 acres land, at $8 per acre $3,686,400 

3,021 town lots, at $200 each 642,000 

Amounting, as above, to $4,323,400 

To be disbursed as follows : 

To complete the road from Manchester to Cedar Falls. $1,145,500 

To retire bonds and floating debt 2,633,200 

Accrued interest, expenses and land appraisals 300,000 

Bonus to present full paid stock 806,000 

Equipment 20,000 

Engineering, contingencies, ballasting and fencing 200,000 

$4,104,700 

Leaving a surplus of $223,700 

As soon as the board of directors shall be satisfied that this plan can be carried 
out, the said board will execute a supplement to the deeds of trust which convey 
the land grant to the trustees, by which supplement the company will convey all 
the town lots in South Dubuque, Cedar Falls, and in the intermediate towns on 
the line of the road, amounting to 3,021 lots. Said lots, and the first 460,800 
acres of land which the eompany will be entitled to sell in consequence of building 
the first hundred miles of road, shall also be held in trust by said trustees for the 
sole and exclusive purpose of carrying out this plan. The* company is now enti- 
tled to sell 230,400 acres of land, in consequence of the completion of the first 
forty miles of road. 

The trustees shall designate, examine and appraise the easterly 200,000 acres 
of said lands, and put them at an average price of eight dollars per acre. And 
shall also designate, examine and appraise the remainder of said 460,800 acres, 

}mtting them also at an average of eight dollars per acre. And shall appraise the 
ots at an average of two hundred dollars each ; and shall designate and select 
2,000 lots of an average quality and value from the lots in the different towns 
aforesaid. 

It shall be the duty of the trustees to make two million dollars of land scrip, in 
denominations* as aforesaid, to represent the said 200,000 acres, and said 2,000 
town lots ; which said scrip shall be so executed as to be distinguishable from the 
other scrip provided for by this plan. And they shall devote said two million 
dollars of scrip, or so much thereof as may be necessary, to the extinguishment 
of the bonded and floating debt ; and no part of said scrip shall be applied to or 
used for any purpose whatsoever, until said bonded and floating debt shall be 
extinguished as aforesaid. The company shall execute and deliver said scrip to 
the trustees, and one of the trustees shall countersign and register the same. The 
president and treasurer, in conjunction with the trustees, are authorized and re- 
quired to exchange full-paid stock with scrip as a bonus, one dollar of stock and 
one of scrip, for each dollar of debt. 

From this, it appears the company has a right to $230,400 acres of land by the 
completion of the first forty miles of road, subject to nj contingencies, limitation* 
or conditions, except they are the basis of security for the $965,000 construction 
bonds recently issued by the company. If there was any legitimate demand for 
these lands, for the purposes of cultivation, the scrip might become distributed so 
as to absorb the whole issue ; but that demand cannot again return until the 
profits of farming invite emigration from the older agricultural States ; and to rely 
upon speculation in lands, in the present condition of the west, to extend the road, 
its proprietors need not expect any encouragement for many years t© come. 



OFFICERS. 

J. P. Farley, President. C. H. Booth, Treasurer. 

Platt Smith, Vice President. H. P. Leech, Secretary. 

J as. McKtnlat, Land Agent. 



MEERIMAC AND CONNECTICUT RIVERS RAILROAD. 145 



J. P. FaHLET, 

Hon. G« 

C H Booth. 



Directors, 

tjBAS. jBEBOIKK, 

E. S. Norms, 

J. H. 

Abm. S. Hevv kti, 
Th s E Waixkb, 

FkETZ^ i S BDCBAKD9E 

C. B. Rath 



J. Iff. Rei:. 
Bernka-.t HE>-y. 
Piatt Smith. 



MEEKLY, m ..":"" I [CUT BITEKS EAILEOAB. 

From Concord to Bradford 25 miles. 

Manchester to North Weaure ■ ■ • • 1? 

Contoocookville to Hillsboro* Bridge 14 

Total SB miles. 

H ! road is a union of the Concord and Claremont. New Hampshi; 
tral and Contoocook Rirer Railways, and is leased and operated by the Northern 
Railroad Company. The Con . aq act of the 

ttral. 
Its earn eetions u si :.. Concord and Montreal : Portsmouth and 

Concord, and Northern Raihn ' mehester and 

Lawrence Railway at Man.hescer. : mont. on the Con- 

:. of the w 
the present abandoned, there being no less than three finished lines in New Hamp- 
shire, extending from the a - leetieuc 
rirer, two north, and one south of Clarem 



Dr. 



BAI_\> 
Tear ending March SI. 18SB 
.. Boston. 



:f road, equips: : 
&c - .« iebt .: 






.:. c debt. 



$1382380 



S1.2S2.3SO 



Dr. 


INCOME 


iccorxi. 


Cr. 




1 r-;- 


. nuags ..... 


igBB 


Operating expenses 

Interest on bonded debt . . . 


$22.^3 
12.909 
17,4*1 


%m - , 


Repairs of rolling 5 : 
Taxes and insuran; . 
Surplus 


3.W2 

- 1 
1.221 




KB ~ 


m.--3»j 



146 capitalist's guide and railway annual. 

For 12 months ending 31st March, 1358 : 

Earnings of the Merriinac and Connecticut Pavers Railroad $59,730 

" " Contoocook River Railroad 19,139 



Total $78,869 

$89,797 



Expenses M. & Conn. River Co $58,509 

Contoocook " 31,288 



Balance against the two roads $10,928 

Against the Contoocook River Railroad $12,149 

Less surplus M. & Conn. " " 1,221 

Deficiency as above $10,928 

No report of the Concord and Claremont Railroad Company. 



OFFICERS. 

Onslow Stearns, President. 
Geo. A. Kettell, Treasurer. W. M. Pakker, Superintendent. 

Directors. 
Onslow Stearns, Geo. W. Nesmith, Uriel Crocker, 

Josiah Minot, John A. Buenham, Joseph W. Clark. 

George A. Kettell, 



NASHUA AND LOWELL EAILEOAD. 

From Lowell, Mass., to Nashua, N. H 15 miles. 

This road has a running connection with the "Wilton Railroad from Nashua, 15 
miles in length, and the Stony Brook Railroad from Chelmsford, 4 miles west of 
Lowell, to Groton Junction (Fitchburg Railroad), 17 miles — making the total 
distance operated by the three companies 47 miles. Its other connections are with 
the several roads centering in Lowell ; with the Fitchburg, Vermont and Massa- 
chusetts ; Worcester and Nashua ; Nashua and Lowell ; Concord ; and Peterboro' 
and Shirley Railways. 

The capital stock of this company is $600,000, and is represented by the cost of 
the road, equipment, real estate, &c. ; the balance of the original cost $51,215, 
having been paid from the income of the road some years ago. It is free from 
debt, and has a surplus, after the payment of two 4 per cent, dividends of $56,441, 
equal to 9,,40 per cent, upon its capital. The income and expenses include the 
operations of the Nashua and Lowell and the Wilton companies, the latter con- 
tinuing under a lease to the former, which are adjusted proportionately to each 
company, as well as to the Stony Brook road, which is also operated by the 
Nashua and Lowell Company. The operating interest of the latter, with its con- 
tracts with the lateral roads, is connected with the Boston and Lowell Railway to 
the mutual advantage of each company, the contract having nearly two years to 



NASHUA AND LOWELL RAILROAD. 



147 



Dr. 



BALANCE SHEET. 
Fiscal Year ending March 31, 1858. 



Ce. 



Cost of road, equipment, 
&c 

Real estate not in con- 
struction account 

Materials and fuel 

Due by other roads 

Due by note and accounts 

Cash 



$600,000 

37,891 
32,360 
6,525 
14,143! 
43,380 \ 

i 

$734,299 



Capital stock (par value) j $600,000 
Dividend declared, un- 

paid I 24,000 

4. Floating debt | 18,634 

Surplus material acc'nt. j 18,133 

5. Contingent account 17,070 

Income account 56,442 



$734,299 



1. $40,000 per mile. 

2. Lowell, $36,048 ; Chelmsford, $1,843. Total, $37,891. 

3. Concord Railroad, $5.600 ; Vermont Central, $388 : Contoocook Valley, $137. 

Total, $6,525. 

4. Due to Wilton Railroad, proportion 6 mos $7,939 

" Stony Brook, " " 8,172 

Unclaimed dividends 2,523 

$18,634 

5. Balance at credit 1st April, 1857 $20,000 

Transfer to credit in 1858 7,500 

Miscellaneous receipts in 1858 1,039 

Total $23,539 

Deduct payments in 1858 : 

Northern Railroad, old account $6,092 

Salaries, expenses and sundries 5,377 

$11,469 

$17,070 



Dr. 



INCOME ACCOUNT. 
In detail from April 1, 1857, to March 31, 1858. 



Cr. 



Transportation expenses. . . 
Repairs of road and rail- 
road stock 


$53,144 

37.943 ; 
2.757 

16/278 
48,000 

7,500 

9,810 
12.000 
2.500 
2,938 
1,122 
56,442 




$67,246 


Gross earnings 


182.161 
1,027 


Taxes and insurance 

Wilton Railroad lease 

Two dividends, 4 per ct. ea. 
Transfer to contingent ac- 
count 


m 


Expenses of track and new 
depot at Lowell 




Portsmouth Railroad 

Telegraph stock 

Worthless debts 

Miscellaneous 

Balance 










$250,434 


$250,434 



148 capitalist's guide and railway annual. 



Net income from gross receipts 61, ,94 per cent. 

" " " allowing for repairs, &c 39,,68 " 

on cost of road. &c 18„80 " 

" on capital stock, after deducting all charges to In- 
come account 10, .75 " 

Net earnings on length of road $7,616 per mile. 



OFFICERS. 
F. B. Crowninshields, President. John B. Winslow, Superintendent. 



Wm. P. Ainsworth, Treasurer. 



George Stark, Manager. 



"Wm. Amory, 
Edward Spalding, 



Directors. 

F. B. Crowninshields, 
Onslow Stearns, 



Daniel S. Richardson. 



CINCINNATI, WILMINGTON AND ZANESVILLE BAILKOAD. 

From Morrow Station (on Little Miami Railroad) to Zanesville, O., 131 miles. 

Connecting at Cincinnati with the different railway lines and steamboats from 

that city ; and at 

Loveland with the Marietta and Cincinnati Railroad. 

Morrow " Little Miami and Xenia " 

Zanesville " Central Ohio " 

It was originally intended to extend this road to Coshocton, the point fixed 
upon for the southern terminus of the Cleveland, Zanesville and Cincinnati Rail- 
way, now running from Hudson to Millersburg — but, both failing to unite, has 
destroyed the early anticipations of the friends of each company, so far as reve- 
nue is concerned, and both companies are very much embarrassed. 

The one under notice is in the hands of a Receiver appointed by the United 
States Court, and owes for back interest up to the present time, about $600,000, 
with no plan of relief except to build the road into Cincinnati, involving an ex- 
pense of $1,200,000. This road, like the Marietta and Cincinnati, is compelled to 
use the track of a rival company to get to its natural terminus, and for this 30 
miles it has to pay one-quarter of its gross-earnings, besides being deprived of 
the revenue from local business contiguous to one of the most populous cities at 
the west. 



Dr. 



BALANCE SHEET. 
For Fiscal Year ending May 1, 
Office. Cincinnati, O. 



1858. 



Cn. 





$3,658,359 
356,941 

118.645 

8,757 

45,000 ! 

1,500,000! 

8,507 
1,013 518, 

i $6,709,727 


4. Capital stock 


$2,441,176 

3,282.500 

499^564 

4S6,487 


2. Cost of equipment 


6. Floating debt 


struction account 

Materials and fuel 

3. Invested in other roads. 


7. Unadjusted coupons, &c. 


Debts due to the com- 














$6,709,727 



CINCINNATI, WILMINGTON & ZANESVILLE RAILROAD. 149 

1. Road-bed, iron, shops, depots, bridges, fencing, &c, equal to $23,000 per mile j 

including equipment and real estate, $31,557 per mile. 

2. Consists of 16 Locomotives ; 114 Freight and 85 Coal cars. 

3. Cincinnati, Lebanon and Xenia Railroad stock. 

4. Subscribers— paid $2,271,676 

Stock interest 169 500 

$2,441,176 

5. 1st Mortgage Bonds $1,800,000 

2d " 574.000 

3d " 153.000 

Income Bonds 250,500 

Tunnel right Bonds 1,000,000 

$3,232,500 

6. Sundry persons 95,102 

•Bills 'Payable 393,122 

Little Miami and Columbus and Xenia Companies' 

old accounts 6,340 

$499,564 

* Collaterals to $340,809, consisting of 

2d Mortgage Bonds $25,0001 

od " " , 880.OOOI ,. ., , , 

Income « 5f5,000 Hj^£ 

Real estate notes 2,040 J cou P ons ' 

$1,423,040 

7. Unpaid interest coupons 1st Mortgage Bonds $192,102 

2d " " 84,000 

3d « « 17,253 

Income " 39.667 

Clinton Co. " 45,360 

Claims unadjusted — Accounts 54,692 

Bills Payable 53,412 

$436,487 



Dr. 


INCOME ACCOUNT. 




Cr. 




1857. | 1858. 


Gross earnings.. . 


1857. ! 1853. 


Operating expen- 
ses 


$214,694 $193,218 

6,710, 
4,126. 

1,120 
9,922 55,736 


$235,452 $250,074 


Interest and ex- 
change 






Salaries, &c, on 

account of O. Co. 

Balance, P. & Loss 






$235,452' $250,074 


$235,452 


f2.30.074 



BUSINFS3 FOR TWO YEARS. 

Fiscal year ending April 30 1357. 1858. 

Gross earnings $235,452 $250,074 

Expenses 214,(94 193,218 



Inc. 
Dec. 



$14,622 
21.476 



Net earnings $20,758 

Increased receipts in 1858, about 6 per cent. 
" profits " " 274 " 

13* 



$56,856 Inc. $36,09S 



150 capitalist's guide and railway annual. 



1857. 


1853. 






8„84 


22„74 


Inc. 


13„90 


58 


1„42 


Dec. 


84 



Net income from gross receipts, per cent 

" on cost of road, &c. " 

Deficiency of income to meet interest, taxes, and 
ordinary expenses, on capital stock, per cent. 12£ 11^ " 1^ 

Net earnings on length of road per mile $158 $434 Inc. $276 



TABLE OF MONTHLY EARNINGS. 



January.. 
February 
March. . . 
April. . . . 
May 



1S56. 



$14,426; 
12:499 
17,090 
19,253 
15,415 
June I 15,823' 



1857. I 1858. 



$19,016, $19,032 
17,9071 15,417 
20,427! 
19,878! 
17,700 i 
17,156 



24,266 
21,164 



July 

August 
September 
October. . . 
November 
December. 



1856. 


1857. ! 


$19,321 

20,704 
19,790 
22,537 

19,346 

25,288 


$18,0711 
21,482, 
26,226j 
22,9071 
17.020' 
16,406! 



1858. 



OFFICERS. 



E. Gest, President and Sup't. 



Chas. Borland, 
N. Delaplatne, 
N. Tallmadge, 



Directors. 



J. Radebaugh, Secretary. 



J. A. Adams, 
W. W. Bierce, 
N. Scleigh, 

Receiver. 
Erasmus Gest. 



A. E. Strickle, 

W. VlFE, 

D. 2\1cLean-. 



ASHUEL0T EAILE0AD. 

From Keene, N. H., to South Vernon, N. H 20 miles. 

This road has been operated for several years by the Connecticut River Rail- 
road Company, under a lease which will expire in 1860, receiving for its use 
$30,000 per annum, being a fraction less than 6 per cent, upon the original cost of 
the road. It has no equipment of its own, as will be seen by the following : 

Land and fencing $40,584 

Grading, masonry and bridges 256,753 

Iron 176,805 

Stations 14,404 

Engineering and other expenses 16,954 

$505,500 

Derived from the following sources : 

Capital stock— 2,451 shares, fully paid $245,100 

" — shares partly paid 418 

Funded debt— Bonds due in 1861 150,000 

Floating debt— Subsequently paid 109,982 

— — ^— $505, oOU 



CHESHIRE RAILROAD. 



151 



Negotiations are in progress for the final extinguishment of the Funded debt, 
upon certain terms, under a vote of the company two years since, which, if car- 
ried out, will place the corporation upon as good a basis as any road in the State. 

The receipts during the past year have been the rent above named — $30,000 — 
all of which is accounted for as follows : 

Interest on funded debt $9,000 

Bridge atKeene 2,000 

Road and depot repairs 175 

Debts of the company 6,083 

Taxes, including State 742 

Monev loaned 12,000 

$30,000 



CHESHIRE RAILROAD. 

From Fitchburg to Bellows Falls 64 miles. 

Connecting at Fitchburg with the Fitchburg Railway. 

" " " " and Worcester Railway. 

" " Vermont and Mass. " 

" Keene ; ' Connecticut River " 

Bellows Falls " Rutland and Burlington " 

" " Vermont Valley " 

V Vermont Central 



Dr. 



BALANCE SHEET. 

Fiscal Year ending May 1, 1858. 

Office, Keene, N. H. 



Cr. 



1. Cost of road and equip- 

ment 

Real estate not in con- 
struction account.... 

2. Materials and fuel 

3. Debts due the company. 
Cash 



$3,032,757 

31,631 
84,063 
55.353 
16,582 



$3,270,386 



4. Capital stock... 

5. Bonded debt. . . . 
Floating debt. . . 
Profit and loss. , 
Income account. 



$2,085,925 

786,400 

120,258 

44,522 

133.281 



$3,270,386 



1. Road, stations, equipment — which consists of 18 Locomotives; 16 Passenger, 
270 Freight and 14 Service cars — equal to about $4S,000 per mile. 



2. Fuel and oil . . 
Rails on hand. 
Materials .... 



3. Bills receivable 

Rutland and Burlington Railroad Co. 



$39,66S 
13.794 

30^601 

$12,247 
43,106 



$34,063 



$55,353 



152 capitalist's guide and railway annual, 

4. Old stock shares. 681 

Preferred stock " 21,582 

shs. 22,263 

5. Bonds due July 1, 1860 $523,900 

1,1863 , 176,300 

1,1875 43,100 

" Jan. 1, 1877 43,100 

$786,400 



Da. 




INCOME ACCOUNT. 




Cr. 




1858. 


1857. 


Surplus, Dec. 1, 
1856 . . 


1856. | 1857. 


Operating expen- 


$199,015 

39,000 
4,536 
63.957 
43.164 
14,503 


$185,110 

39.000 

4,500 

63,953 

44,522 


414 508 


Rent V. & M. 

Railroad 

Taxes 


Gross earnings.. . 
Other receipts. .. . 

i 


$355,629 
8,551 


322,577 






Dividend in bonds. 
Surplus 










$364,180 


$337,035 


$364,180 ' $337,085 



BUSINESS FOR TWO YEARS. 

Fiscal year of 1856. 1857. 

Gross earnings $355,629 $322,577 

Operating expenses 199,015 185,110 

Net earnings $156,614 $137,467 

Falling off in 1857 (gross receipts), about 9 per cent. 

1856. 

Net income from gross earnings, per cent. . . . 44, ,04 

" on cost of road, " .... 5,, 03 

" on capital stock (after deducting 

interest, taxes and rent of V. & M. R. R. . 2„35 



Dec. $33,052 
13,905 

" $19,147 



Net earnings on length of road, per mile. 



$2,447 



1857. 

42„62 

4„46 


Dec. 


1„42 
62 


1„43 


M 


92 


$2,147 


«c 


$300 



GROSS RECEIPTS 

Year ending 1849 $164,964 

1850 203,414 

1851 242.250 

1852 237,769 

1853 315,299 



Year ending 1854 $372,893 

1855 380,221 

1856 355,629 

1857 322,577 



Thomas Thacher, President. 



Thomas Thacher, 
T. M. Edwards, 



OFFICERS. 

E. A. Chapin, Superintendent. 



Directors. 

S. Hale, 

George Huntington, 

Geo. D. Dutton, 



Hiram Hosmer, 
E. Murdoch, Jr. 



WESTERN AND ATLANTIC RAILROAD. 



153 



WESTEM AND ATLANTIC RAILROAD. 

From Atlanta, Ga., to Chattanooga, Tenn 138 miles. 

Connecting at Atlanta -with the Georgia Railway. 

" Atlanta and West Point Railway. 
" " Macon and Western " 

Kingston " Rome " 

Dalton " East Tenn. and Georgia " 

Chattanooga with the Nashville and Chattanooga Railway. 
" Cleveland and Chattanooga " 
" Steamboats on the Tennessee river. 



Th 



s road is owned exclusively and operated by the State of Georgia, and has 



cost as follows 

Paid by the State treasury $4,495,652 

" from the earnings of the road 1,405,845 

Totalcost $5,901,497 

which, with the equipment, is equal to $42,764 per mile. 

The equipment consists of 52 Locomotives ; 24 Passenger and baggage cars ; 
and 602 Freight, 29 Stock, 27 Coal, and 47 Service cars. 

The whole amount paid into the State treasurv up to the close of the last fiscal 
year, was $468,500 ; of which $175,000 was paid m 1858, and $100,000 in 1857. 



Dr. 



INCOME ACCOUNT. 



Cr. 



Operating expen- 



Maintenance of 
way and equip- 
ment 

Interest, salaries, 
and other ex- 
penses 

Agents and con- 
necting roads. . . 

Expended for con- 
struction and 
equipment 

State treasurer . . . 

Balance 



1857. 



$263,436 

153,408 

18,983 
86,697 



$251,695! 

I 
121,354! 

21,179 1 

66,278| 

i 



383,661) 195,305 

100,000! 175.000; 

38,493! 59,821; 

1 



141,044,6781 $890,632; 



Surplus, Sept. 30, 

1856 : 



Gross earnings 
Other receipts. 



1857. 



$43,862 
900,809 
100,007 



$1,044,678 



1858. 



$38,493 
852,139 



$890,632 



ANALYSIS OF THE BUSINESS FOR THE PAST TWO YEARS. 
For fiscal year ending Sept. 1 1857. 1858. 



Gross earnings 
Operating expenses 



$900,809 
435,827 



$852,139 Dec. 
394,228 " 



$464,982 
Falling off in receipts in 1858. about 05 per cent. 



$457,911 



$48,670 
41,599 

$7,071 



154 capitalist's guide and railway annual. 

1857. 1858. 

Net income from gross receipts, per cent 51, ,67 53.,70 Inc. 2„03 

" " on cost of road, &c. " 7„90 7„76 Dec. „14 

" to the State of Georgia, after deducting 
amount expended on the road on cost, 

per cent 3,,34 

Net earnings on length of road, per mile $3,370 $3,318 " $52 

The road is in excellent condition, having had large amounts expended upon 
it, as will be seen by the income account during 1857 and 1858, in laying down 
new iron, ties, and in improving the road-bed. 

The present able superintendent will doubtless be able to steadily increase the 
annual income to the State — thereby forming a fund, if properly invested, that 
will extinguish not only the debt created in part for its construction, but the 
whole outstanding debt, if not further increased, in 1868. 



John W. Lewis, General Sup't. 
John H. Flynn, Master Machinist 



OFFICERS. 

E. B. Walker, Master of Transporta'n. 
B. May, Treasurer. 



C0CHEC0 KAILKOAD. 

From Dover to Alton Bay 28 miles 

Connecting at Dover with the Boston and Maine, and at Rochester with the 
Great Falls and Conway Railways ; also at Alton Bay with steamboat on Lake 
Winnepiseogee to and from Centre Harbor, and connecting at that point with 
stages for the White Mountains. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending January 1, 1858. 

Office, Dover, N. H. 



Cr. 



Cost of road 


$743,060 
60,735 

2,047 


Real estate not in construc- 


Materials and fuel 

Invested in steamer 

Due by note and account. . 
Cash 


2,374 

12,750 

24,957 

1,216 







$847,139 



Capital stock (par value) , 

Bonded debt , 

Floating debt , 



$399,140 

399,000 

48,999 



*847,139 



WILTON RAILROAD. 



155 



Dr. 



INCOME ACCOUNT. 



Cr, 





1858. 




1858. 




$10,513 | 

24,094 i 

6,100 1 

6.253 | 

697 s 

105 | 

14 1 


$47,776 


Interest on debt 

Repairs of road 

" rolling stock. . . 

Taxes 

Other charges 












$47,776 


$47,776 



Net income from gross receipts 50, ,01 per cent. 

on cost of road, &c 3„02 

capital stock, after allowing for all charges to in- 
come account Nothing. 

Net earnings on length of road $864 per mile- 



OFFICERS. 
C. W. Woodman, President. Geo. W. Benn, Treasurer. 

Geo. C. Kimball, Superintendent. 



WILTON RAILE0AD. 



From Nashua to Wilton, N. H 15 miles- 

Operated by the Nashua and Lowell Railroad, and connects with all the lines 
diverging from Nashua. 

The affairs of this company, it will be seen, are in a very favorable condition ► 
The small amount of bonded debt, due some years hence, could be met at any 
time in anticipation, without interfering with its regular dividends. 



BALANCE SHEET. 
Fiscal Year ending May 1, 1858. 



Dr. 


Office, Nashua, N. H. 


Cr. 




$218,980 

8.000 
1,307 

8,755 


Capital stock (par value).. 


$211, 000* 




10,500* 






12,042 
3,500 


Due by note and account . . 
Cash 




i 










$237,042 


$237,042 



No report of earnings. 



156 capitalist's guide and railway annual. 
WHITE MOUNTAINS RAILROAD. 

From Wells River to Littleton, N. H.. , 20 miles. 

Connecting with the Boston, Concord and Montreal ; Vermont Central and Can- 
ada, and the Connecticut and Passnmpsic Rivers Railways. 

This company, like several others in New Hampshire, is much embarrassed, 
and for the first six months of the past year was operated under direction of the 
Supreme Judicial Court of New Hampshire, the net earnings, if any, to be paid 
into the hands of a receiver. The road for the last six months has been in pos- 
session of the trustees of the bondholders. The cost of construction is $371,038, 
while its indebtedness is as follows : 
Bonds issued $72,500 

" paid for, not delivered 17,000 

Bills Payable 135,203 

Interest due 35,000 

$259,703 

TRAFFIC. 

First 6 mos . in the hands of a Receiver, earnings $13,075 

Second 6 mos. " " Trustees 7,9 ~ 

Total $20,984 

Expenses first 6 mos $11,888 

" second 6 mos 7,810 

$19,698 

Net earnings for one year $1,286 

This road has been badly managed from the commencement — a large portion of 
the expenditures for two or three years not having been entered on the books of 
the company. Since the examination into its affairs by the Railway Commission- 
ers of the State, it has been sold at auction. 



CONCORD, MANCHESTER AND LAWRENCE RAILROAD, 

Composed of the Concord Railroad 35 miles. 

Manchester and Lawrence " 26 " 

Total 61 miles. 

This line connects with the Northern, Connecticut and Passumpsic River ; Ver- 
mont and Canada ; Vermont Central ; Champlain and St. Lawrence ; Boston, 
Concord and Montreal ; Concord and Claremont ; Contoocook Valley ; Worces- 
ter and Nashua ; Lowell and Lawrence ; Essex, and Boston and Maine Railways. 

The two roads have been run for the last two years in copartnership, three-fifths 
of the net earnings accruing to the Concord company, and two-fifths to the Man- 
chester and Lawrence ; but as they are not yet consolidated in one corporation, it 
is necessary to give the financial condition of each separately. 



CONCORD RAILROAD COMPANY. 

This company, in its reports, omits the usual Balance Sheet so necessary to 
give a complete analysis of the true condition of the road. Its capital is repre- 



CONCORD, MANCHESTER AND LAWRENCE RAILROAD. 157 

Bented by expenditures on the road, equipment and appurtenances, amounting to 
$1,500,000. The construction account being closed, the annual charges for re- 
newals and repairs are placed to the debit of Income Account. It has earned a 
trifle over 6 per cent, for the past two years, deducting every charge against that 
account, and two semi-annual dividends of 3 per cent, have been declared each 
year, leaving a surplus, both years, equal to about two-fifths of one per cent, on 
the capital of the company. 



De. 



Operating ex- 
penses 

Repairs of road 
" equip- 
ment 

Interest, taxes, 
&c 

Surplus Fund of 
Jt. Roads.. . 

Two Dividends 

Surplus 



INCOME ACCOUNT. 
1858. 

Gross 



Cr. 




1857 



1858. 



$317,050 $260,961 



$317,050| $260,961 



BUSINESS FOR TWO YEAR?. 

Fiscal year ending March 31 1857. 

Gross earnings $317,050 

Operating expenses 103,614 

$203,436 
1857. 

Net income on cost of road, per cent 13,,90 

" on capital stock, after deduct- 
ing for repairs, taxes, interest, &c 6,,41 



$317 


,050 


$260,961 


1853. 






$260,961 


Pec. 


$56,039 


81,497 


•■ 


27,117 


$179,464 




$23,972 


1858. 






11„96 


•*■ 


l.,94 


6„04 


« 


37 







TABLE OF MONTHLY EARNINGS. 




1856. 


1857. | 1858. 


July 

August 

September. . 

October 

November . . 
December. . . 


1356. 1857. ; 1858. 


January 

February . . . 

March 

April 

May 

June 


$42,343 
43,501 

42,896 


$30,993,' $24,995 
31,972: 22,281 
36,587: 29,832 
39,907| 
40,537j 
38,675 


$12,375 $39,751 
47,065 43,459 
50.90S, 45,851. 
53,164! 37,100 
37,010 29,663 
38,777 1 25.062 



OFFICERS. 



N. G. Upham, President. 
John H. George, Secretary. 

N. G. Upham, 
Isaac Spalding, 



Directors. 
F. C Manning, 

JOSIAH STICKNEY, 

John L. Kiddee, 

14 



N. P. Levering, Treasurer. 
J. A. Gilmore, Superintendent. 

Chas. H. Peaslee, 
Uriel Crocker. 



158 capitalist's guide and railway annual. 



Dr. 



MANCHESTER AND LAWRENCE RAILROAD BALANCE SHEET. 

Fiscal Year ending March 31, 1858. 

Office, Manchester, N. H. 



Cr. 



Cost of road, equipment, 

&c $1,000,000 

Debts due the company . 3.378 

Conc'd.M.&L.RR.Co. 35.115 

Cash..' :. ; 2,302 

Contingent fund 4,619 



$1,045,414 



Capital stock , $824,700 

Bonded debt i 34,700 

Floating debt j 170,001 

Income account 16,013 



$1,045,414 



1. $37,000 per mile. 

2. Notes, $1,325 ; accounts, $2,053. Total, $3,378. 

3. In the hands of the Superintendent. 

4. The capital stock of the company is represented by the cost of construction, 

$1,000,000. There remains to be issued $175,300, which includes the $50,000 
stock dividend. The company paid a cash dividend of 3 per cent, upon 
$1,000,000, and holds the reserved profits to discharge the floating debt, 
which can be done by earning 7, and giving stockholders but 3 per cent, for 
a year or two. 



5. Bills Payable 

Unclaimed dividends. 
Dividend No. 12 



$153,612 

1,089 
15,300 



$170,001 



Dr. 



INCOME ACCOUNT. 





Year end'g 
Nov'r 30, 
1856. 

$66,904 
28,274 

12,103 

13,702 

3.025 

7,700 

56,036 

2,045 


16 mos. end- 
ing Mar. 
31, 1858. 


Gross earnings... 

Net earnings — be- 
ing two-fifths of 
net receipts of C. 

j M. & L. R. R. 
Co. for 4 months 

i ending March 

i 31, 1857 

! 


Year end'g 
Nov'r 30, 
1856. 


16 mos. end- 
ing Mar. 
31, 1858. 


Operat'g expenses. 
Repairs of road. . . 
Equipment and re- 


$53,893 
25,104 

16,143 

6,650 

3,520 

30,000 

50,000 
10,241 


$189,789 


$173,974 






Taxes, &c 

Methuen Branch. . 
Dividends, cash. . . 
Stock dividend, 5 
prct. on $1,000,000 


21,577 








$189,789 


$195,551 


$189,789 


$195,551 



BUSINESS FOR THE PAST TWO YEARS AND FOUR MONTHS. 



For 12 months ending 

Gross earnings 

Expenses of trains and rent of M. Br. 



30th November, 3lst March, 

1856. 1858. 

. . . $189,789 $173,974 

74,604 57,413 



Net earnings $115,185 



$116,561 



CONCORD AND PORTSMOUTH RAILROAD. 159 

1856. 1857. 

Net income on cost of road, per cent , 11, 5 52 11„66 

on capital stock, after deducting interest, repairs 

and taxes, per cent 5„81 6„87 



OFFICERS. 

N. G. Upham, President. D. J. Daniels, Treasurer. 

W. C. Clark, Secretary. J. A. Gicmore, Superintendent. 

Directors. 

N. G. Upham, N. G. White, Asa Fowler, 

E. J. M. Hale, John Flint, Charles Conner. 

David A. Bunion, 



ANALYSIS OF THE BUSINESS OF THE CONCORD, MANCHESTER AND LAWRENCE 
RAILROAD COMPANY 

For the 16 months ending March 31 1858. 

Gross earnings from all sources $434,935 

Operating expenses, not including repairs or new rolling 

stock $134,732 

Rent of Methuen Branch 8,800 

Insurance and taxes other than on capital stock 3,948 

$147,480 

Net earnings $287,455 

Net income from gross receipts 66,, 10 per cent. 

(allowing for repairs) 48 

" on cost of the two roads, equipment, &c 11 2 

" on capital stock of both companies, after deducting 

all charges to Income account 7„39 " 

Net earnings on length of road $4,712 per mile. 

The equipment of both companies consists of 20 Locomotives ; 386 Passenger, 
baggage, and freight cars of all kinds. 



C0NC0KD AND POHTSMOUTH KAILK0AD. 

From Portsmouth to Concord, N. H 47 miles. 

Connecting at Portsmouth with the Eastern Railway. 

" " " Portland, Saeo and Portsmouth Railway. 

" Newmarket " Boston and Maine Railway. 

" Concord " the several roads diverging from that city. 

This was formerly the Portsmouth and Concord Railroad Company. The old 
road property, franchise, &c, was sold on the 1st September, 1857, in accordance 
with the provisions of a special act of the Legislature, for the purpose of recon- 
ciling and adjusting the various conflicting interests involved in the ownership of 



160 capitalist's guide and railway annual. 

the road, equipment, &c , and a new company formed with the corporate name 
as above. The capital stock is limited at $250,000, divided into shares of $100 
each. 

On the 11th September, 1S58, this road was leased to the Concord Railroad 
corporation for five years, at an annual rent of $15,000, and $500 for expenses of 
organization, payable semi-annually on the 11th March and September in 
each year, with an annual expenditure of at least $2,500 on the track of the 
Concord and Portsmouth road. This will give the stockholders a permanent 
6 per cent, dividend. 

Gross earnings from Sept. 2, 1857, to 11th September, 1858 $58,488 

Operating expenses same period, as follows : 

Trains $29,089 

Repairs 8,587 

Miscellaneous 1,449 

$39,125 

Net earnings $19,363 

Accounted for — 

By permanent improvements of roadway $3,371 

" " of bridges 3,954 

By new sleepers, freight cars (Ice Co) 4,919 

Cash assets .and uncollected revenue 7,119 

$19,36* 



MEMPHIS, CLABKSVILLE AND LOUISVILLE RAILROAD. 

From Kentucky State line to Paris, Tenn ~ 80 miles. 

IN PROGRESS. 

This road is a connecting link between the Memphis and Ohio and the Louis- 
ville and Nashville Railways, and is being constructed from the Kentucky State 
line to Paris, Tennessee, where it will unite with the Memphis and Ohio road, 
now finished, and cars running to Brownville, fifty miles from Memphis. At 
the last session of the legislature an act of consolidation of the two companies was 
passed, authorizing the issue of State bonds for $10,000 per mile for iron rails from 
the Cumberland river to the Kentucky State line, which has been agreed to, but 
under the construction of the General Improvement Law, requiring sufficient stock 
to grade the whole line of road from Memphis to the State line, and a gap of some 
twenty-four mile? from the Tennessee river to the intersection of the Memphis and 
Ohio road, not having the required stock, the Governor of Tennessee holds the 
State aid still subject to each, as separate companies. When the stock shall have 
been subscribed for this twenty-four miles, the consolidation will be perfected, and 
the residue of the State aid for the track as well as bridges, will be brought into 
requisition to finish the road — a work of importance to the trade of Mem- 
phis and Louisville. From Louisville to Bowling Green and Russellville, the ad- 
vantages of a through line are set forth in a report upon the Memphis branch of 
the Louisville and ^Nashville Railroad, p. 131. 

The means of the company are as follows : 

Individual subscription? $245,200 

State of Tennessee bonds from State line to Tennessee 

river, 56 miles, $10,000 each mile 560,000 

State of Tennessee bonds for bridge? 250,000 

Contingent State aid on Tennessee river bridge 100,000 

Montgomerv county subscription (bonds) 350,000 

Cluksville" '• " 100,000 

. $1,405,200 



KENTUCKY CENTRAL RAILROAD. 161 

Estimated cost of the road : 

Grading, masonry, &c $846,418 

Iron 475,000 

Equipment 104,400 

Land damages SO, 000 

Salaries, engineering, &c 15,000 * 

Contingencies 50,000 

$1,521,818 

Deficiency of means, $116,618.— To be made up by the company's mortgage 
bonds. The first thirteen miles of road, from the State line to Clarksville, is 
nearly completed ; the grading to the Tennessee river is about three-fourths fin- 
ished ; the Palmyra tunnel has been driven through 110 feet ; and the Red river 
bridge is progressing with satisfactory speed. 

The amount already expended is as follows : 

Contractors, grading, &c $122,456 

Depot grounds and right of way 2,872 

Salaries, rents, &c 12,975 

Iron 1,239 

Surveys 9,589 

Discount on bonds, interest and exchange 36,319 

$185,450 

Derived from the following sources : 

Individual subscriptions $73,620 

Clarksville city bonds 70,000 

Montgomery county bonds 22,000 

State of Tennessee bonds (on Red river bridge) 20,000 

On notes, bills, &c 8,746 

$194,366 

Leaving cash on hand $9,916 



OFFICERS. 

W. B. Munford, President. Charles G. Smith, Secretary und Treas'r. 

Geo. B. Fleece, Chief Engineer. 



KENTUCKY CENTRAL RAILROAD. 

{Late Covington and Lexington, and Lexington and Danville.) 

From Covington, opposite Cincinnati, to Danville, Ky 134 miles. 

Finished to Nicholasville, 111 mile 3. 

This road runs through a rich, fertile and populous portion of the State, and its 
extension south into Tennessee, to connect with the Southwestern Tennessee road, 
(now under contract, with State aid), will bring to the Ohio river a large traffic, 
and revive the drooping fortunes of the Covington and Lexington road. 

It now connects at Paris with the Maysville and Lexington Railway. 

M " Lexington with the Lexington and Big Sandy Railway. 

" " " " Louisville and Frankfort " 

This road must, from its location, be identified with the South Carolina railway 
system, when completed to Danville. The construction of tho Cumberland Gap 

14* 



162 capitalist's guide and railway annual. 

road from Knoxville, Term., to Danville, and the Blue Ridge road, from Ander- 
son, C H., to Knoxville, are links of importance, and are attracting the attention 
of capitalists at the south, which, being met by liberal aid from the States of 
South Carolina and Tennessee, will insure their completion at no distant day. 
When completed, the city of Charleston, S. C, will be the Atlantic termini of 
two great trunk lines from the heart of the great west,— one from Memphis, and 
that immense tributary, the Mississippi river ; and the other from Covington, on 
the Ohio, opposite Cincinnati. 



BALANCE SHEET. 
Fiscal Year ending October 30, 1858. 



Dr. 





Office, Covington, Ky. 


Cr. 




$3,730,998 

404,974 

72,000 

84,000 

77,290 

5,500 

100,959 

29,322 




$1,385,850 


Cost of equipment 

Invested in stocks 

Assets in the hands of S. 
J Walker 


7. Bonded debt 


2,930,000 


8. Floating debt 


99,171 


Income account 


90,022 


Unadjusted balance due 
by S. J. Walker 

Assets in the hands of 
Secretary 

Debts due the company . 










$4,505,043 


$4 : 505,048 



1. Railroad proper, about $37,300 per mile ; including equipment, $41,778 per 

mile. 

2. Lexington and Danville Railroad stock $62,000 

Kentucky Trust Co. Bank Stock 10,000 

' $72,000 

3. Income 10 per cent, bonds $20,500 

6 " " 63,500 

$84,000 

4. Income 10 per cent, bonds $5,500 

5. Due on stock subscriptions, not good $53,114 

Unadjusted balances, not available 30,467 

Bills receivable " " 16,378 

Due for 1st Mortgage bonds, by J. T. Winslow 1,000 

■ $100,959 

6. Due from United States $3,655 

Uncollected revenue 5,451 

In Bank of America, N. Y 14,039 

Cash on hand 6,177 

$29,322 

7. 1st Mortgage bonds, 6 per cent $160,000 

1st " " 7 " 260,000 

2d " " 7 " 1,000,000 

3d " " 7 " 600,000 

Bonds given to city Cincinnati, 6 per cent 100,000 

Bonds guaranteed by city of Covington, 6 per cent . . 200,000 

Income bonds, July 10, 1854, 10 per cent 200,000 

" Dec. 1,1854,10 " 200,000 

« " Feb. 1,1855, 6 " 210,000 

$2,930,000 



NORTHEASTERN (s. C.) RAILROAD. 163 

8. Bills payable, old floating debt $32,579 

Current bills payable 13,1 11 

Due contractors and others 53,481 

$99,171 

In addition there is due for unpaid coupons on the bonds of the 
company and city of Covington, since 12 Nov. 1857 $168,302 

BUSINESS FOR THE P^ST TWO YEARS. 

Fiscal year ending October 31 1857. 1858. 

Gross receipts $426,408 $416,359 Inc. $19,951 

Expenses and rent of M. & L. and L. 
&D. R. R'a 205,302 440,182 

Net earnings $221,106 $6,177 

Increase in receipts in 1858, about 4£ per cent. 

The charges to income account for 1858, besides the operating expenses of the 
road, were for renewals, repairs and many other items properly belonging to the 
operations of the road in former years. The analysis of the two years' business, 
thereforo, cannot easily be made, and would be of little use in the deplorable con- 
dition of the finances of the company. 



OFFICERS. 
1st Division, Cov. $• Lexington. 2d Division, I^ex. 4* Danville. 

John T. Levis, President. General Leslie Combes, President. 

John B. Casey, Vice President. S. N. Drake, Secretary and Tre»?» 

G\ M. Clark, Secretary. 
C A. Withers, Superintendent. 

Directors. 

John T. Levis, W. H. Gedge, J. H. McCampbell, G'l Les. Combes, 

Edw. Oldham, A. Robbins, L. H. Chrisman, W. J. Mabrelt, 

John B. Casey, R. B. Bowler, John G. Sims, Neal McCann, 

B. W. Faley, L. Dether, R. B. Bowler. 

Jno. Cunningham. 



NORTHEASTERN (S. C.) RAILROAD. 

From Charleston to Florence 102 mile*. 

Connecting at Charleston with steamers for New York, Philadelphia, Savannah 
and Havana. 
" " with the S. C. Railway for Columbia and Augusta. 

" Florence " Cheraw and Darlington Railway. 

" " " Wilmington and Manchester Railway. 

The country along the line traversed by this road is sparsely settled, and 
through a portion of Charleston and Williamsburg districts it is quite unhealthy 
during the summer and autumn. It remains to be seen if a road, having a limited 
local business, will pay a dividend to its stockholders. It was constructed by the 
Charleston interests, after the completion of the Wilmington and Manchester 
Railway, for the purpose of regaining a portion of the through travel lost to the 



164 capitalist's guide and railway annual. 

city of Charleston by the opening of the new route through Kingsville and 
Branchville, and the withdrawal of the Wilmington steamers. 

The road was opened through its entire length in October, 1857, and will re- 
quire ballasting, more turn-outs, new depots, station houses, and more extensive 
wharf accommodations to do a large business. Arrangements for aline of steam- 
ers from Charleston to Fernandina (Florida), are contemplated, upon the com- 
pletion of the Florida Railroad, to run in connection with a line from Cedar Keys 
(the gulf terminus of the road) to Mobile. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending February 28, 1858. 

Office. Charleston, S. C. 



Ca. 



. Cost of road 

, Cost of equipment 

Debts due the company.. 

Invested in Cheraw and 
Darlington Railroad. . 

Cash 




Capital stock.. . 
Bonded debt. . . . 
Floating debt. . . 
Income account. 



$872,243 

482,000 

529,018 

34,197 



$1,917,458 



1. Cost of grading 

Iron 

Right of way 

Real estate, wharf, depot, &c. 

Salaries, expenses, &o 

Discount on bonds 

Interest 



or $17,413 per mile ; including equipment, $18,700 
per mile. 

2. 10 Locomotives ; 9 Passenger and 34 Freight cars. 



3. Subscribed by the city of Charleston 

" " State of South Carolina. 

" " Banks in Charleston 

" by individuals 



4. 950 1st Mortgage Bonds, $500 each. 
14 2d 



5. Bills Payable (chiefly to banks) . 

Accounts 

Contractors, in bonds 

" in cash 

" in stock 



$10,632 

6,215 

23,964 



Bonds given in part pay for real estate. 



$891,604 
535,447 
45,350 
103,073 
60,349 
47,353 
72.997 



$400,000 

220,000 

80.000 

172,243 

$475,000 
7,000 

$425,837 
22,460 



$40,811 
$39,910 



$1,756,173 



$872,243 

$482,000 



$529,018 



ANALYSIS OF THE BUSINESS OF THE FISCAL YEAR OF 1858. 



Gross earnings on an average of 77 miles of road. 
Operating expenses 



$99,403 
61,132 



$38,271 



SOUTHWESTERN RAILROAD. 165 

Per centage of net earnings from gross receipts 3S,,50 per cent . 

" on cost of road and equipment 2 

Deficiency of income from net earnings, to meet interest on 

debt (on capital stock) 3,22 

Net earnings on length of road opened $496 per mile. 

It will be seen that this company has a floating debt of something over $500,000, 
a large part due to the banks in Charleston, which has began to be embarrassing, 
as all floating debts arc, sooner or later. 

The whole issue of 1st Mortgage Bonds was $700,000 

2d " " 300,000 

Total $1,000,000 

of which the company has unsold, $518,000 — nearly all in pledge for loans ; 
$248,500 are of the 2d mortgage, and consequently difficult to be disposed of. 

A call for $13 per share is suggested as a means of relief, to the extent of 
$232,752, for which preferred stock is to be issued ; and the board recommends 
the banks, the city and State, to unite in furnishing the money at par for the re- 
maining $248,500 of 2d mortgage bonds in a rateable proportion to their subscrip- 
tions. 

The gross earnings of the road from all sources for the five months from 1st 
March to the 31st July, 1858, are said to be $84,373 — an amount sufficient to cover 
actual running expenses and the interest on the debt. 



OFFICERS. 

A. V. Ravenrl, President C Williman, Jr., Sec'y and Treas. 

S S. Solomons, Superintendent. 

Directors. 

A. F. Ravenkl, Edward Sebrino, Allan MacFarlak, 

Hon. Mitchell Ktno, John Ravenel, T. P. Huger. 

Charles Macbeth, Smith Mowrt, Jr., 



SOUTHWESTERN RAILROAD. 

Main line, from Macon to Albany, Ga 106 miles. 

Columbus Branch, from Fort Vailey to Butler 22 " 

Enfala and Fort Gaines Branch, from Smithville to Dawson 15 " 



Total completed and in use 143 miles. 

In progress — from Dawson to Enfala, Ala 47 miles. 

" Cuthbert to Fort Gaines, Ga 20 " 

Leaving to be finished 67 miles. 

Total length when completed, 210 miles. 

The grading from Dawson to Cuthbert — 21 miles — will be completed on 1st 
April. 1859, and the iron laid by the 1st July following. At this point there are 
two branches to the Chattahoochie — one in a northwesterly direction to the oppo- 
site shore from Enfala (21 miles), and the other in a southwesterly course to Fort 
Gaines, in Clay county, 20 miles. The estimated cost for finishing these branches 
are as follows : 



166 capitalist's guide and eailway annual. 

To Cuthbert, exclusive of what has been expended $292,490 

From Cuthbert to Enfala, " " " 304,350 

Fort Gaines, " " " 287,160 

Engineering and contingencies 16,000 

Total $900,000 

The finances of this company are in a prosperous condition, having not a dollar 
of floating debt of any kind. There is no lack of means wanting to complete and 
equip the road to its river termini. Its chief executive officer is at the head of 
the Central Railway Company from Savannah to Macon, and is one of a few 
public spirited citizens who originally became identified with the railway system 
of Georgia. 

Its connections are with the Central, and Macon and "Western, at Macon, and 
with the Muscogee Railways at Butler. 



BALANCE SHEET. 
Fiscal Year ending July 31, 1858. 



Dr. 


Office, IV 


!acon, Ga. 


Cr. 




$1,948,001 

321,322 

291,988 

25,000 

20.200 

7.255 

4,492 

5.000 

4,400 

222,750 


6, Capital stock 


$1,814,600 
25,074 


2. Cost of equipment 

3. Extension account 

Materials and fuel 

4. Invested in other roads. . 

Stock of this road 

Bonds of city of Colum- 
bus, $5,000 cost 

Stock in Screw Steam- 
ship Co 

Due by Central Railroad 
Co. for freight 

5. In the hands of trea- 


Bonded debt, 1875 

7. Floating debt 

Dividend 13, due in Aug. 

8. Funds for extension of 

road 

Profit and loss 


414,000 

4,373 

72,584 

324,627 
245,150 












$2,900,408 


$2,900,408 



1. Cost, per last report (117 miles of road). 
Increased during the year : 

On road from Americus to Butler 

Rails, spikes and plates 

Passenger depot 

Permanent improvements 



$1,425,658 

422,329 
39,972 
28.414 
11,628 

$1,948,001 

-including rolling stock, 



Equal for 143 miles of road to $13,622 per mile- 
about $16,000 per mile. 

2. Consists of 15 Locomotives ; 18 Passenger and baggage cars, and 166 Freight 

cars. 

3. From Smithville to Dawson $195,812 

" Dawson to Cuthbert 105,029 

Beyond Cuthbert 13,055 



Due on same. 



$313,895 
11,907 



Already expended 

4. Mobile and Girard Railroad stock , 

Montgomery and West Point Railroad stock.. 
" " " " bonds. 



$2,200 

17,100 

900 



$291,988 



$20,200 



SOUTHWESTERN EAILROAD. 



167 



5. Cash, uncollected revenue, and bills and accounts re- 

ceivable $222,750 

6. Original stock 1,564,800 

Extension " 249,800 

$1,814,600 

7. Unclaimed dividends $4,151 

Sundry accounts 222 

$4,373 

8. Fund set apart and increased yearly to extend the road to the Chattahoochie, 

and invested. The interest received already amounts to $41,209. The ex- 
tension stock has received 3 dividends, including that 31st July, amounting 
to $19,104, which was paid out of the earnings of the road. Had they been 
charged to this account, the surplus for the last year would have been $19,650, 
instead of $546. 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1857. 


1858. 


Gross earnings. . . 


1857. 1858. 


Operat'g expenses. 

Interest on bond^ 
and annuity to 
city of Macon. . 

Dividend Feb'y... 
" August. 

Extraordinary ex. 


$165,317 

29,060 
45,160 
55,964 

49,509 
20,204 


$182,763 

30,113 

60,424 
72,584 

44,305 
546 


$365,214 


' $391,540 


Surplus 










$365,214 


$391,540 


$365,214 


$391,540 



BUSINESS FOR THE PAST TWO YEAES. 

Fiscal year ending July 31 1857. 1858. 

Gross earnings $365,214 $391,540 

Operating expenses 165,317 182,763 



Net earnings $199,897 



$208,777 



Increase in gross receipts in 1858, about 7 per cent. 

1857. 185S. 

Net income from gross receipts, per cent 54,,77 50,,77 

" on cost of road, &c, " 11„70 8„20 

" on capital stock, after deducting 

" interest and expenses, per cent. . 8,, 66 7,, 36 

Net earnings on length of road, per mile $1,709 $1,725 



Inc. $26,326 
17,446 



Dec. 



$8,880 



4„00 
3„50 

1„30 
$16 



TABLE OF MONTHLY EARNINGS. 



January . 
February 
March.. . 
April. . . . 

May 

June . . . . 



1857. 


1858. 


$37,777 


$36,845 


33,394 


41.603 


32,091 


37,930 


33,017 


37,143 


31,898 


36,112 


23,546 


36,974 | 



Jnly 

August — 
September 
October. . , 
November 
December , 



1856. 



$23,824 

17,184 
31,398 
41,285 
37,070 
41,551 



1857. 



$20,984 
20,652 
30,430 
34,306 
37,968 
41,577 



168 



OFFICERS. 



R. R. Cuyler, President. John T. Boifeullet, See'y and Treas. 

Geo. W. Adams, Superintendent. 

Directors. 

W. S. Holt, John W. Anderso*, Wm. A. Black. 

R. A. Smith, T. M. Furlow. 



VBGINIA CENTRAL UAILROAD. 

From Richmond to Covington, Va 205 miles. 

Finished from Richmond to Jackson River, in Allegany County 195 " 

Projected from Jackson river to Covington 10 " 



Total length 205 miles. 

Connecting at Richmond with the Richmond and Petersburg Railway. 

" " and Junction with the Richmond, Fredericksburg and 

Potomac Railway. 
" with the Richmond and Danville Railway. 

York River " 
Gordonsville " Orange, Alexandria and Lynchburg Railway. 
Staunton " Strobling Springs and Weyer's Cave stages. 

Goshen " Lexington stages. 

Millboro' " Healing, Rock Alum, Bath Alum, Warm, and 

Hot Springs — also, Natural Bridge— stages. 

" Jackson river <; White Sulphur, Blue Sulphur, Red Sweet, 

Old Sweet, Salt Sulphur and Red Sulphur 

Springs stages. 

This road will connect at Covington with the Covington and Ohio Railway, a 
portion of the latter now being built by direct aid from the commonwealth — and 
when finished will give to the city of Richmond 429 miles of railroad to the Ohio 
river near the mouth of the Big Sandy. Its completion to the river will, with 
the Lexington and Big Sandy road now in process of construction, open a line of 
communication by rail to the cities of Louisville and Memphis of over 800 miles 
in length. 

Thus far, the extension of the road west of Staunton has not been of any pe- 
cuniary advantage to the company, and it is not easy to perceive the motive on 
the part of the commonwealth in withholding further aid, especially as the exten- 
sion to Covington would complete a most valuable feeder to the Covington and 
Ohio road — a work in which she ha3 so liberally aided, or is being con- 
structed almost exclusively from aid derived from the State of Virginia. The 
finances of the company, however, are in an easy condition, and, upon the com- 
pletion of the road to the Ohio river, its revenues must be greatly augmented. 
Nearly the whole surplus earnings derived from working the road east of Staun- 
ton have been expended in its extension west of that place. The business for the 
last year, it is thought, justify the payment of small dividends not exceeding four 
per cent., to commence from April, 1859, to be increased according to the reve- 
nues of the road. The company commenced in July, 1858, setting apart annually 
$20,000 as a sinking fund until 1880, when so much of its bonded debt as matures 
in 1880, 1875, 1872, 1866 and 1865, will, by its operations, become extinct. 



VIRGINIA CENTRAL RAILROAD. 



169 



BALANCE SHEET. 



Fiscal Year ending September 30, 1858. 



Dr. 


Office, Richmond, Va. 


G*. 




$4,821,278 
542,982 


5. Capital stock 

6. Bonded debt 


$3,122,968 
1,719,058 


2. Cost of equipment 


Real estate not in con- 




7. Floating debt 


116.649 


struction account 


23,796 


Income account 


634,069 


Telegraph stock 


4,600 






3. Debts due the company. 


102,491 






Stock of this road owned 








by the company 


9,000 






4. Cash means 


88,597 


■ 






$5,592,744 


$5,592,744 



1. There has been expended on the road and buildings 

between Richmond and Staunton $2,299,019 

Between Staunton and Covington 2,522,259 



$4,821,278 



Equal — for 136 miles to Staunton — to $16,980 per mile. 

Jackson river — to $42,733 per mile. 



59 



Average cost of whole length, including equipment, $27,453 per mile. 

2. Consisting of 29 Locomotives ; 28 Passenger and baggage, 183 Freight and 
stock, and 22 service cars. 



3. Bills receivable . 
Accounts 



Bonds of the State of Virginia. 
Cash 



$27,542 
74,949 



$69,200 
19,397 



5. Subscribed for by the State of Virginia $1,869,595 



others than the State. 



1,253,373 



$102,491 



$88,597 



$3,122,968 



6. M. Bonds guaranteed by State of Virginia, due 1880. . $100,000 

" 1872.. 206,500 

" " 1884.. 963,000 

" issued for dividends payable in 1866 79,344 

1875 95,510 

" " » 1865 72,012 

Income Bonds " 1859 111,859 

" payable in 1859, I860, 1861, 1862 and 

1863, $10,000 each 50,000 

Construction Bonds, issued to contractors, due in I860.. 37,172 

" " " " " now due 3,094 

Income Bonds, for dividends, now due 567 



7. Bills Payable $52,892 

Accounts 34,119 

Due State Virginia, interest on dividend bonds 29,095 

Dividends unclaimed 543 



$1,719,058 



$116,649 



15 



170 capitalist's guide and railway annual. 



Dr. 

Transportation expenses of 
road from coniuieneeruent 
to 1st October 

State of Virginia, for use 
of Blue Ridge Railroad 
and tunnel 

Negro killed 

Discount on bonds 

Interest since October 1, 
1850 

Dividends since commence- 
ment 

Survey between Kichmond 
and'Charlottesville 

Balance 



INCOME ACCOUNT. 



Cr. 



: Gross receipts from roadj 
from commencement to 

$1,808,987 Oct.l 

Rents, &c 

36,028 
1.200 
2.515 

462,723 

365.382 

1.922 
634,069 



$3,312,826 



$3,308,837 
3,989 



$3,312,826 



BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending Oct. 1 1857. 1858. 

Gross earnings $540,031 $585,832 Inc. $45,801 

Operating expenses 319,792 290,056 Dec. 29,736 

Net earnings $220,239 $295,776 Inc. $75,537 

Increase in gross earnings in 1858, 85 per cent, 
net " " 34 " 

1857. 1858. 

Net income from gross receipts, per cent 40, ,78 50,, 50 Inc. 9,,72 

" on cost of road and equip't, pr ct. 4,, 19 5„52 " 1,,33 

to Staunton and equip't, " 7„75 10„41 " 2„66 
" on capital stock (after deducting 

♦interest and taxes) per cent 2„51 5„03 " 2„52 

Net earnings on length of road, per mile $1,129 $1,517 " $388 



* In calculating interest on this item, the compiler has not embraced the full 
7 per cent, upon the State's subscription (6 per cent, for the annual interest, and 
1 per cent, for the sinking fund), now required when the State loans her credit. 



OFFICERS. 



E. Fontaine, President. 

John Garrett, Sec'y and Treas'r. 



Thos. Dodamead, Superintendent . 
H. D. Whitcomb, Gen. Engineer. 



N. B. Hill, 
Wm. Overton, 



Directors. 
Samuel Carpenter, 
Wm. J. Robertson, 



Jacob Baylkr. 



RICHMOND AND PETERSBURG RAILROAD. 



171 



RICHMOND AND PETERSBURG RAILROAD. 

From Richmond to Petersburg, Va 22 miles. 

Port Walthal Branch 3 " 

Total 25 miles. 

Connects at Richmond "with the Richm'd, Fredericksb'g, and Potomac Railway. 

" Virginia Central " 

" " Richmond and Danville " 

" Richmond and York River " 

Petersburg " South Side 

" Norfolk and Petersburg " 

" Petersburg and Weldon " 

The financial affairs of this company appear to be in an easy condition, its busi- 
ness enabling it to make regular semi-annual dividends, having divided in 1856, 
5 per cent. ; and in 1857 and 1858, each year 6 per cent. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending April 30, 1858. 

Office, Richmond, Va. 



Cr. 



1. Cost, of road and equip. 


$922,770 , 

218,148 , 

45,539 

1 
18,954 

10,074 

7,788 j 


2. Capital stock 

3. Bonded debt 


$834,600 
159,000 
71,856 
157,817 


1. Port Walthal Branch. . . 

Real estate not in con- 
struction account 

Due by note and acc'nts 
Cash 


4. Floating debt 

Income account 




$1 : 223,273 


$1,223,273 



1. Whole cost, consisting of main track, reconstruction, Port Walthal Branch, 

including 11 Locomotives, 14 Baggage and 180 Freight cars — $1,186,457, or 
$47,458 per mile. 

2. Subscribed by individuals $300,000 

Converted loan stock 149,000 

Subscribed by State of Virginia, old 200,000 

new 185,000 



3. Coupon bonds, due July 1, 1875 , 
" June 1,1875 



4. Dividends due the State of Virginia. 
Certificates of debt for dividends. . . . 

Bills payable 

Accounts 



$26,000 
133,000 



$33,408 

24,166 

10,711 

3,571 



$834,000 



$159,000 



ANALYSIS OF THE BUSINESS FOR TWO YEARS, 

Fiscal year ending April 30 1857. 1858. 

Gross earnings $157,404 $156,908 Dec. 

Operating expenses 82,663 71,728 " 

$74,741 $85,180 



$71,856 



$496 

10,935 



Inc. $10,439 



172 capitalist's guide and railway annual. 



Decrease in gross earnings in 1858, 5 of 1 per cent 
Increase in net earnings " 14 per cent. 



Net income from gross receipts, per cent 

" on cost of road, &c " 
" on Capital stock, after paying in- 
terest and other charges, per cent 

Net earnings on length of road, per mile . . . 



1857. 

47„48 
6„36 

7„07 
$2,990 



1858. 

54„25 

7„10 

8„89 
$3,407 



Inc. 



6„77 
74 

1„82 
$417 



OFFICERS. 

Peter V. Daniel, Jr., President. J. B. Macmurdo, Treasurer. 

* E. H. Gill, Superintendent. 

Directors. 
Richard B. Haxall, 
Charles Ellis, 
Dr. Charles S. Mills 

Francis E. Rives 
Roscoe B. Heath 



On behalf of Stockholders. 
On behalf of the State. 



* Since resigned, and elected to his old position as superintendent of the Vir- 
ginia and Tennessee Railway. 



RICHMOND AND YORK BIVEfi RAILROAD. 

From Richmond, Va., to "West Point 38 miles. 

in progress. 

West Point is about thirty miles up the York river, in New Kent county, with 
a sufficient depth of water at all times for vessels of the largest size, and is more 
convenient to the mouth of Chesapeake bay than City Point, besides affording 
more advantages for sailing vessels. The country between Richmond and West 
Point is tolerably level, and favorable for graduation and construction. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending October 1, 1858. 
Office, Richmond, Va. 



Cr. 



1. Expended on road 

2. Expenses 

3. Wharf and real estate 

not in construction ac- 
count 

Advanced to Contractus 

4. Cash means 




$657,671 



5. Capital stock $643,900 

6. Contractors | - 6,720 

Interest account , 7,051 



$657,671 



RICHMOND AND YORK RIVER RAILROAD. 173 

Grading and masonry $303,072 

Engineering 39,840 

Land damages 46,243 

Bridging 13,912 

Instruments 755 



2. Salaries of officers, &c $14,631 

Contingent expenses 5,874 

Taxes, insurance 1,007 



3. Depot and lots in Richmond and West Point $37,663 

Wharf at West Point and materials 1 ,284 



$403,822 

$21,512 

$38,947 

Total for construction $164,281 

4. State stock unsold $187,600 

Cash 790 

$188,390 

$643,900 



5. Subscribed by State $494,150 paid $163,567 

" " individuals. 196,100 " 180,333 



To be subscribed by State 58| shares. 

" " " individuals 39 " 

6. Reserved under contracts for grading. 

From the report of the chief engineer, the estimates for the completion and 
equipment of the road are as follows : 

From Richmond to White House, on Pamunky river, 23 miles : 

Grading, masonry and bridging $15,090 

Depots, stations and turn-outs 32,010 

Iron 138,000 

Rolling stock 45,175 

$260,275 

Already expended, as per balance sheet 464,281 

Cost of road and rolling stock $724,556 

From White House to West Point, 15 miles : 

Grading and bridging $19,745 

Depots, stations, &c 34,150 

lorn 91,800 




Land damages unsettled 

Engineering and contingencies, 5 per cent. 

Total cost, completed $944,228 

Equal to about $24,900 per mile. 

Amount already expended $464,281 



to be « 479,947 



$944,228 



The following are the means of the company applicable to construction 

Certificates of stock of the Commonwealth $187,600 

Cash 790 

Due by the State for subscriptions. 30,583 

" individuals 15,767 

Balance of subscriptions 9,750 



$244,490 
Leaving to be provided 235,457 

$479,947 
15* 



174 capitalist's guide and railway annual. 

The iron, 2,200 tons (52 lbs. to the lineal yard), has been purchased from the 
Lackawanna Coal and iron Company, deliverable at Elizabethport, N. J., at $46 
per ton of 2,240 lbs., and the grading from Richmond to the Pamunky river is 
nearly ready for it. 



OFFICERS. 

Alexander Dudley, President. A. W. Morton, Sect'y and Treasurer. 

D. S. Walton, Chief Engineer. 

Directors. 

Alexander Dudley, Dr. J. P. Tabb, Wm. G. Paine, 

Wm. R. C. Douglas, Wm. B. Talliaferro, H. B. Tomlin. 



SULLIVAN RAILKOAD. 

From Bellows Falls, N. H., to Windsor, Vt 26 miles. 

Connecting with the Vermont Valley ; Rutland and Burlington, and Cheshire 
Railwavs at Bellows Falls ; and the Vermont Central and Canada, Connecticut 
and Passumpsic rivers Railways at Windsor. 

This road is operated by a trustee for the bondholders, and is much embar- 
rassed in its finances and by litigation. The interests of the corporation are so 
.conflicting that the trustee is obliged to hold the net profits, however small, un- 
til they can be settled by the District Court of New Hampshire. In the mean- 
time, the indebtedness hanging over it is increasing by the non-payment of its 
coupons, without any visible means for its liquidation ; and there remains no hope 
of retrieving the fortunes of the company but a reconciliation of interests and 
the reconstruction of its affairs based upon the capacity and advantages of the 
road for revenue, which are not very flattering for a road having cost as much as 
this. If the old stock, bonds and coupons could be arranged upon a satisfactory 
scale, not exceeding $600,000, and new stock issued therefor, its value in market 
would not only be available, but worth double the amount of the present securi- 
ties of the company, which may be regarded now as unavailable. 

The cost of construction has been, for 

Grading, masonry and bridges $501,040 

Iron... 235,332 

Land damages, fences and depots 90,029 

Engineering, &c 20,631 

Equipment 78,832 

" Agencies" and other companies 324,136 

$1,250,000 

or about $48,000 per mile. 

Derived from the following sources : 

Capital stock , $500,000 

Funded debt 1st Mortgage Bonds 500,000 

2d " " 250,000 

$1,250,000 



GREAT FALLS AND CONWAY RAILROAD. 



175 



In addition to the funded debt of $750,000 

There is due for unpaid coupons 196,265 

Floating debt 8,939 

Making the aggregate debt $955,204 

or $36,700 per mile — the full value of the road and appurtenances. 
Its business from traffic for the year ending on the 30th April, 1858, was : 

Receipts from all sources $61,952 

Expenditures same time as follows : 

Repairs of Road and fences $13,659 

Bridges 290 

Rolling stock 7,177 

Salaries and wages 9,362 

Wood and oil 7,539 

Taxes and insurance 2,635 

Miscellaneous 7,105 

$47,767 

Net income $14,185 

Net income from gross receipts 22„88 per cent. 

'■ on cost of road, &c 1>,14 " 

Deficiency of income to meet interest and expenses, on capital 

stock 7„66 " 

Net earnings on length of road $545 per mile. 



GREAT FALLS AND CONWAY RAILROAD. 

From Great Falls (Branch of Boston and Maine Railroad), to Union 
Village 20 miles . 

Connecting at Great Falls with Br. Boston and Maine Railroad. 

** Union Village with stages for Ossipee, Tamworth, Newfoundland, 

Eaton and Conway. 

It was originally contemplated to extend this road to Conway, in Carroll county, 

and its business, in consequence, has not been very successful. The income since 

1851 has been expended mostly on the road, no dividends having been awarded to 

the old stock, and but a small one to the preferred. Its traffic is exclusively local. 



BALANCE SHEET. 
Fiscal Year ending September 1, 1858. 



Dr. 


Office, Great Falls, N. H. 


Or. 




433,404 

40,887 

65.122 

653 

3,033 




$166,748 

275,000 

42 951 


&c 


5. Bonded debt 


Cost of equipment 

2. Bonds of this company 


Income account 


58,400 


Debts due the company. 
3. Cash 










$543,099 


$543,099 



176 capitalist's guide and railway annual. 

1. Grading, masonry, iron, station buildings, land damages, fences , engineering, 
expenses, discount on bonds, back interest, about $21,670 per mile ; includ- 
ing equipment, $23,714 per mile. 



2. 1st Mortgage Bonds (in pledge for liabilities of the 

company) 

2d Mortgage Bonds, " " " " 
3d " " 

3. To meet coupons falling due Oct. 1, 1858. 

4. Old stock 

Preferred stock 



$29,600 
10,100 
25,422 



$124,847 

41,901 



5. 1st Mortgage Bonds issued, due 1862 $100,000 

2d " " " guaranteed by the East- 
ern Railroad Co $100,000 

3d " " 75,000 



$65,122 



$166,748 



$275,000 



Dr. 



INCOME ACCOUNT. 



Cr. 



Operating expenses, 

Interest 

Miscellaneous , 

Balance 



1857. 

$13,073 
9,348 

54,939 


1858. i 

$11,577 

8,746 
243 

58,400 


$77,360 


$78,966! 



Surplus 

Gross earnings. 



1857. 



$49,797 
27,563 



1858. 



$54,939 

24,027 



$77,360 $78,966 



BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending Sept. 1 1857. 1858. 

Gross receipts $27,563 $24,027 

Transportation expenses 13,073 11,577 



Dec. 



Net earnings $14,490 $12,450 



Falling off in gross receipts in 1858, about 12^ per cent. 

1857. 

Net income from gross receipts, per cent 52,, 69 

" on cost of road and equlpm't, pr ct. 3,, 35 
" on old and preferred stock, after de- 
ducting all charges to income ac- 
count, per cent 3„09 

" on old stock, after dedi ting said 
charges and 6 per cent, on pre- 
ferred stock, per cent 2„14 

Net earnings on length of road, per mile $724 



1858. 

51„89 

2. ,63 



2„10 



$622 



$3,536 
1,496 



$2,040 



Dec. 



80 
72 



1„34 

$102 



Oliver Hill* President. 



OFFICERS. 

A. A. Perkins, Sup't, Treas'r, &c. 



Oliver Hill, 
Asa Beacham, 



Directors. 
Owen W. Davis, 
Thomas M. Wentworth, 
John Smith, 



Charles Dennett, 
Isaac Chandler. 



NORWICH AND WORCESTER RAILROAD. 177 



NORWICH AND WORCESTER SAILROAD. 

From Allyn's Point, Conn., to Worcester, Mass 66 miles. 

Operated in connection with the steamers Commonwealth and Connecticut, daily 
from New York to Allyn's Point. 

It connects at Norwich with the New London, Willimantic and Palmer Railway. 
" " Plainfield " Hartford, Providence and Fishkill 
" " Thompson Jun'n with the Boston and New York Central 
" " Worcester " Providence and Worcester 

" " " '* Boston and Worcester 

" " " u Western 

" " ** " Worcester and Nashua 

" " " " Fitchhurg and Worcester 

This is one of the early routes to Boston, and the stock of this company for 
many years was extensively operated in for purposes of speculation at the New 
York Stock Exchange. Of late years, however, it has been neglected. Its reve- 
nues, with the strong competition both for through and local traffic during the 
past year, has just enabled the company to pay expenses of transportation, renew- 
als and interest on its debt — leaving nothing for its stockholders. 

Liabilities. .1. Capital stock $2,122,300 

2. State of Massachusetts 400,000 

3. Bonded debt 324,130 

4. Floating debt 59,614 



Assets 5. Cost of road $2,345,406 

" equipment 176,792 

6. Value of materials, &c 59,044 

Real estate 17,430 



$2,906,044 



$2,598,672 



Excess of liabilities $307,372 

1. 21,223 shares, $100 each. 

2. Reimbursable July 1, 1877, interest 6 per cent. Sinking fund, $10,000 per an- 

num. Fund now amounts to $30,000. 

3. *Mortgage Bonds, 6 per cent , due July 1, 1860 .... $205,800 

7 " «■ Jan. 1,1860 .... 16,000 

Scrip for dividends, due 1864 and 1874 35,330 

Bonds " " 1864 " 1874 67,000 



* Sinking fund amounts to $29,561. 

4. Loan on depot property at Norwich $19,300 

" " extension of road 20,000 

Accounts 10,274 

Bills payable 4,420 

Accrued interest 5,620 



$324,130 



$59,614 



5. Equal to $35,536 per mile ; including equipment, $38,215 per mile. 
BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending May 31 1857. 1858. 

Gross earnings $323,715 $265,417 Dec. $58,298 

Expenses 225,394 220,830 " 4,564 



Net earnings $98,321 $44,587 " $53,734 

Falling off in receipts in 1858, about 18 per cent. 



178 capitalist's guide and railway annual. 



1857. 1858. 

Net income from gross receipts, per cent 30„34 13..76 Dec. 16„58 

" " on cost of road and equip ,pr. ct. 3,,90 1„77 " 2„13 
" " on Capital stock, after paying in- 
terest on debt, per cent 2,,52 40 " 2„12 

Net earnings on length of road, per mile $1,490 $676 " $814 



OFFICERS. 

Augustus Brewster, President. Geo. L. Perkins, Treasurer. 

P. S- M. Andrews, Superintendent. 



Augustus Brewster, 
Charles Johnson, 
Jedediah Huntington, 
J. N. Perkins, 
Charles J. Stedman, 



Directors. 

F. L. Lockwood, 
Alex. Dewitt, 
John A. Rockwell, 
Moses Pierce, 
John Dunham. 



John T. Wait, 
Robert Bayard, 
John A. Weeks, 
David A. Neal. 



PORTLAND, SACO AND PORTSMOUTH RAILROAD. 

From Portsmouth, N. H., to Portland, Me 51 miles. 

The trains of the Eastern Railway from Boston run over this road into Port- 
land. Its connections are with the Great Falls and Conway at Junction, 11 miles 
from Portsmouth ; with the Boston and Maine at South Berwick, and with the 
different railways diverging from Portland. A large portion of its receipts are 
derived from passenger traffic. 

The capital stock, which is $1,500,000, is represented by the cost 
of the railway, equipment, Portsmouth Bridge stock, and sun- 
dry lots of land, and wharf at Hallowell. $1,494,792 

New wharf at Portland , 5,208 

Total $1,500,000 

Equal to $29,412 per mile. 

In the absence of a Balance Sheet, the amount of debt cannot be stated pre- 
cisely. In 1857 ihe funded portion was $123,000. If there is a floating debt, the 
amount is not stated in the 17th or 18th annual reports ; the inference, however, 
is, that the company has no debt but what it can manage without impairing its 
capacity for regular annual six per cent, dividends. 



Dr. 



INCOMK- ACCOUNf. 



Cr. 



Operat'g expens's 
Monsum riv. br'ge 
Embankment at 

Eliot 

Contingencies .... 
Item from suspense 

account sunk . . . 
Two dividends.. . . 
Surplus 



1857. 


1858. 1 


$132,808 
28,125 

4,246 

90,000 
39,684 


$110,853 I 

726 

9,258 
90.000 
40,844 


$294,863 


$251,681 - 



Surplus May 31, 
Gross earnings. . . 



1857. 



1858. 



$41,146' $39,684 
253,717 211,997 



$294.8631 $251,681 



TERRE HAUTE AND RICHMOND RAILROAD. 



179 



ANALYSIS OF THE BUSINESS FOR THE PAcT TWO YEARS. 

Fiscal year ending May 31 1857. 1858. 

Gross earnings $253,717 $211,997 Dec 

Operating expenses 132,808 110,853 

$120,909 $101,144 
Falling off in gross receipts in 1858, about 17 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 47, ,60 47„71 Inc. 

oncost of road, " 8,, 01 6,,74 Dee 

on capital stock, after deducting all 

charges to income account, per cent 6,, 70 6,, 07 

Net earnings on length of road, per mile $2,371 $1,983 ** 



$41,720 
21,955 

$19,765 



11 

[„27 



OFFICERS. 

Ichabod Goodwin, President. E. Nott, Treasurer. 

John Russell, Jr., Superintendent. 

Directors. 
Thomas West, James Haywood, Josiah Calef, 



John Howe, 



Ichabod Goodwin, 
One vacancy. 



Charles E. Barrett. 



TERRE HAUTE AND RICHMOND RAILROAD. 

From Indianapolis to Terre Haute, Ind 73 mile* . 

Connecting with all the roads diverging from Indianapolis ; with the New Albany 
and Salem at Greencastle ; and with the Evansville and Crawfordsville ; and 
Terre Haute, Alton and St. Louis Railways at Terre Haute. 

This company is free from a floating debt, and has a small mortgage, but which 
is rapidly being absorbed by conversion into stock. It pays semi-annual dividends 
of 5 per cent. The road is admirably well located for business, and the track and 
rolling stock are in excellent condition. 



BALANCE SHEET. 
Fiscal Year ending November 30, 1858. 



Dr. 


Office, Terre Haute, Ind. 


Cr. 


1. Cost of road, equipment, 
&c 


$1,611,450 

2,601 

56,800 

26,555 

149,584 




$1,376,450 

235,000 

68,823 

530 




Real estate not in con- 
struction account 


Dividend declared 

6. Floating debt 


2. Materials and fuel 

3. Invested in other roads . 

4. Cash means 


Income account 


166,187 








$1,846,990 


$1,846,990 



180 capitalist's guide and kailway annual. 

1. $22,075 per mile; equipment consists of 18 Locomotives; 25 

baggage, 142 Freigat, 40 stock, 54 coal, and 54 service cars, all in 
pair. 

2. Materials $33,400 

Fuel 18,000 

Railroad iron 5,400 

3. Evansville and Crawfordsville Railroad stock $24,430 

Atlantic and Miss. Railroad (projected) 525 

Madison and Indianapolis Railroad Income bonds. . . 1,600 

4 Cash in treasury $79,194 

Uncollected revenue (T. H. A & St. L.) 66,588 

Post Office Department 3,802 

5. Convertible 7 per cent, bonds. 

6. Unclaimed dividends. 



r and 

good re- 



$56,800 
$26,555 

$149,584 



Dr. 


INCOME ACCOUNT. 


Or. 




1858. 


Surplus Dec. 1,1857 

Shop receipts 


1858. 


Operating expenses 

Repairs, &c 


$175,123 

18,698 
7,252 
18,052 ; 
68,822 i 
68,823 
166,187 


$142,313 
375 

380,274 




. 






" December 










$522,962 


$522,962 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Gross earnings $481,272 $380,274 Dec. 

Expenses 275,193 193.826 

Net earnings $206,079 $186,448 

Falling off in receipts in 1858, about 30 per cent. 
" " net earnings in 1858, about 9^ per cent. 

1857. 1858. 

Net income from gross receipts, per cent 42,,83 49,,07 

on cost of road, &c. " 13 11„60 

" on capital stock, after deducting in- 
terest and taxes, per cent 13,, 76 11, ,71 

Net earnings on lengtb of road, per mile $2,823 $2,554 



$100,998 
81,367 

$19,631 



Inc. 
Dec. 



6„24 
1„40 

2, ,05 



OFFICERS. 

E. J. Peck, President and Sup't. Charles Wood, Secretary. 

Sec 



Chattncey Rose, 
James Farrington, 
Demas Dkming, 



John Scott, Treasurer. 
Directors. 

E. J. Peck, 

A. McGregor, 

Wm. H. Thornburgh, 



H. Ross, 
Charles Wood, 
Wm. K. Edwards. 



NEW YORK AND ERIE RAILROAD. 181 



NEW r0M AND ERIE KAILROAD. 

Main line, from Jersey City to Dunkirk 459 miles. 

Piermont Division, from Piermont to Suffems 18 

Newburgh Branch, from Newburgh to Chester 19 " 

Total 496 miles. 

Divided as follows : 

Single Double 

track. track. Total. 

Miles. Miles. Miles. 

Union Railroad, from Bergen Junction to Sufferns. . . 29g 14 43£ 

Eastern Division, t " Piermont to Port Jer vis 74 g 65^ 139| 

Delaware " " Port Jervis to Binghainpton.. . 104 154 119^ 

Susquehanna" " Binghampton to Hornellsville . . 139| 85 224| 

Western " " Hornellsville to Dunkirk 127 1 .. 127| 

Newb'gh Br. " " Chester to Newburgh 18| . . 18| 

194 4 179| 974 

The trains of this company run on the New Jersey track from Jersey City 
ferry to Bergen Junction (1| miles), having laid down an extra rail to accommo- 
date the broad guage of their rolling stock. 

The connections are with the 

New Jersey Railroad at Jersey City. 
Piermont Branch at Suffems. 
Newburgh " " Chester. 

Delaware, Lackawanna and Western Railway nt Great Bend. 

Syracuse and Binghampton " Binghampton. 

Cayuga and Susquehanna " Owego. 

Canandaigua and Elmira " Elmira. 

Buffalo, Corning and New York " Coming. 

Tioga '• " 

Buffalo and New York City " Hornellsville. 

Buffalo State Line w Dunkirk. 

Lake Propellers, at " 

That portion of the track from Bergen Junction to Paterson (15 miles) is leased 
from the Paterson and Hudson River Railroad Company at the rate of $83,400 
per annum The limited accommodations for depot grounds, secured by the per- 
petual lease of the Paterson road at Jersey City, gave rise to negotiations for ex- 
tensive improvements between Jersey City and Hoboken. Accordingly, pur- 
chases were made, embracing the land under water, east of high-warer mark, 
between Pavonia avenue and North-Fourth street, including half of those streets, 
and extending into the Hudson river nearly half a mile, containing about seventy 
acres or about 800 lots. Also, from this tract the land for two miles in distance, 
excepting two lots (each 25x100) in Jersey City, and two other small lots in 
Hudson City, thus securing a continuous right of way from Jersey City to Bergen 
Junction, containing about 142 acres. The whole purchase embraces about 212 
acres, or 2,500 lots. The present value largely exceeds the original cost ; and 
had the work on these valuable improvements not been suspended, the tunnel at 
Bergen Hill would have been completed so as to form a connection with the track 
west of the ridge. The " Long Dock Company," so called, is an integral part of 
the Erie corporation, but has a special charter from the New Jersey Legislature, 
with power to construct a railroad to connect with any other railroad authorized 
or constructed by law ; to purchase and hold lands, and sell the same : and to 
make improvements necessary for a railroad depot, with wharves, slips and store~ 
houses. The act also confers ferry privileges. 

16 



182 capitalist's guide and railway annual. 

The reader is referred to a close inspection of the analysis of the operations of 
the road for the past three years for results from traffic It will be seen that 
the receipts for 1855-6 had reached the culminating point in the fortunes of this 
company ; the maximum earnings and minimum expenses enabling it to earn for 
its $10,000,000 of stock 12,,67 per cent , after paying transportation expenses, 
rent of other roads, taxes, and interest on its debt. In 1857 it ran behind $479,296, 
equal to 4,, 36 per cent.; and in 1858 the deficiency was $808,623, equal to 7„35 
per cent, upon the capital stock of $11,000,000. The operations for the three 
months, since the close of the fiscal year to 31st December, 1853, will not vary the 
result of last year's business materially, unless there is a great reduction in the 
working expenses and a diminution of other charges. To make the stock pro- 
ductive, it must largely increase its gross receipts and greatly diminish its ex- 
penses — both difficult points to achieve. The cost of repairs for the past two years 
are as follows : 

1857. 1858. 

Track $776,437 $936,546 

Bridges, stations, &c 8(*,778 125,273 

Equipment 792,086 890,274 

$1,649,301 $1,952,093 
Per centage of repairs on cost of road 4,,73 5,,66 



Dr.. 



BALANCE SHEET. 

Fiscal Year ending September 30, 1858. 

Office. New York. 



Oh. 



1. Cost of road, improve- 
ment of Union Rail- 


$34,494,276 

4,496 

804,59S 

100,000 
210,013 

9,500 

100 

973,033 i 

185,668 

44,717 

1,462,000 

790,635 


9. 

10. 

11. 


Capital s 
Bonded d 
Floating 




$11,000,000 


ebt 


26,371,511 


road, and equipment. . 
Real estate not in con- 
struction account 

2. Materials and fuel 

Rolling stock, &c, b'ght 
of Canandaigua and 
N. F. Railroad Com- 


debt 


1,707,575 






3. Invested in steamboats. 

4. " " other roads. 

5. City of Toledo bonds. . . 

6. Long Dock Company . . . 
Debts due the company . 


















$39,079,086 


$39,079,086 



1. In 1858— Erie.. 
Union , 



$34,053,633 
435,643 



$34,489,276 
or about $70,000 per mile. If estimated as a single track, $51,171 per mile. 

In 1857— Erie $34,033,680 

Union 435,643 

$34,469,322 



Increase in 1858. 
uipment includec 
> assenger and baggage, and 2,684 Freight cars. 



$19,953 



Equipment included in coat of the road, consisting of 210 Locomotives, 188 
Pa 



NEW YORK AND ERIE RAILROAD. 183 

2. Materials $186,677 

Fuel 317.921 

$804,596 

3. Owners of Lake Erie propellers $170,013 

" " steamers 40,000 

$201,013 

4. Bonds of Buffalo, Corning and N. Y. Railroad Co. . $9,000 

" Quincv and Toledo " " " 500 

$9,500 

5. This, with the B. C. & N. Y. R. R. bonds, have been counted at par since 

1855 ; probably of little value. 

6. Increase from 1857. $229,041. 

Increase 

7. Increased from $322,000 in 1855 to $794,000 in 1856 $472,000 

" $794,000 in 1856 to $1,336,000 in 1&57 592,000 

" $1,386,000 in 1857 to $1,462,000 in 1858 76,000 

From these accumulations. $1,000,000 has been divided among stockholders, 
increasing the capital stock to $11,000,000, by absorbing $1,000,000 of the 
surplus at the credit of income account, covering a period of several years — 
chiefly, however, from the accumulated balance at the credit of said account 
. up to 1st October, 1856. See Income Account. 

8. Balance at credit of this account, Oct. 1, 1S56 $1,786,248 

From which deduct stock dividend , 1,000,000 

Actual accumulated balance $786,248 

Loss on the year's business, 1S56 to 1857 302,932 

Balance at credit of this account. Oct. 1. 1875 $483,316 

" against the account. Oct. 1. 1858 198,020 

Loss on the year's business. 1857 to 1858 $681,336 

Balance against the account, Oct. 1, 1858, as above. $198,020 

Add discount on bonds due in 1875 592,615 

Total Oct. 1,11858 $790,635 

9 Original subscription $10,000,000 

Dividend No. 6 in stock 1,000.000 

■ $11,000,000 

10. 1st Mortgage Bonds, due in 1867 $3,000,000 

2d " " due 1st March. 1859 4,000.000 

3d " " due in 1883 6.000,000 

4th " " " 1880 3:020,511 

5th " " " 1888 1,500 

Secured debt $16,022,011 

Convertible Bonds, due in 1871 $3,423,000 

" 1862 3,001,000 

Sinking Fund Bonds. ' ; 1875 3 ; 925,500 

"Unsecured debt. , $10,349,500 

Total funded debt $26,371,511 

11. Bills Payable, due in 1860 $40,000 

due previous to 1860 732,25> 

.^even per cent certificates 26.505 

Accounts 480.762 

Unpaid interest coupons on mortg'e bonds. $159,425 
" " unsecured " 268.625 

— $428,050 

$1,705,575 



184 



capitalist's guide and railway annual. 



Dr. 



INCOME ACCOUNT. 



Or. 



1857. 



1858. 



1857. 



1858. 



Operat'g expens's. $3,961,433 



Bills of 1857 paid 

in 1858 

Paid other roads . 

" steamboats.. 

" construction. 

Interest 

Taxes 

Depreoiat'n in cars 

" in wood 

Stock dividend 

Bad debts prior to 

1857 

Bad debts in 1858. 
Old account N. Y. 



$3,729,200 : Balance Oct'r 1, 



1856 $1,786,248! $483,316 

52,641 |j Dunkirk station . . 12,7181 
127,507 110,340 I Int. on b'ds, Sink-; 

6.620 ! 13,165 I ing fund 77,018! 102,340 

; 16,910! Gross earnings... 5,742,606 5.151,616 

1,849.928! 1,870,251 | Balance 198,020 

62;075! 
51,987! 



1,000,000! 



57,828, 
17,896; 



62,257 

22,288 



Old judgment ! 

Miscellaneous .... 

Balance ! 483,316 



39.241 
8.493 



10,503 



117,618,590 $5,935,292 || 



$7,618,590 



$5,935,292 



ANALYSIS OF THE BUSINESS OF THE ROAD FOR THE PAST THREE YEARS. 
Fiscal year ending Sept. 30 1856. 1857. 1858. 



Gross earnings $6,349,050 

Expenses, including rent of Union Rail- 
road and taxes 3,323,380 



$5,742,606 
4,054,631 



$5,151,616 
3,967,309 



$1,687,975 



Net earnings $3,025,670 

Decrease in gross earnings in 1857 over those in 1856 
« net 

gross " " 1858 " " 1857 12„90 

" net " " " " " " 29„84 

gross " " " from those of 1856 18„86 

net " " " " " " 60„85 

1856. 

Net income from gross receipts, per cent 47„66 

" on cost of roads and equipment, per cent . 8,,87 
" on capital stock and funded debt, " 
" " '« after deducting interest and 
all charges to income account, per cent. 
Deficiency to meet interest and expenses from the in- 
come of the road (upon capital stock), per cent 

Net earnings on length of road, per mile $6,100 



$1,184,307 

9„55 per cent. 
44„27 



9 



12„67 



1857. 

29, .40 

4„91 

4„69 



4„36 
$3,403 



1858. 

23„18 

3„44 

2„49 



7„35 



TABLE OF MONTHLY EARNINGS. 



January $402,989 

February . . . 367,916 

March 460,620 

April 628,073 

May ! 587,785 

June 499,782 



1856. 1857. I 1858. 



$345,518 
270,083 
482,894 
526,029 



$376,357 
328,047 
461,495 

550,958 



459,986 473,366 
450,401' 383,832 



July 

August 
September. 
October . . . 
November . 
December. . 



1856. 


1857. 


$472,105 


$474,693 


540,268 


530,626 


661,785 


596,793 


547,650 


449,685 


520,451 


429,900 


537,481 


477,658, 



1858. 

$389,373 
375,250 
455,695 
456,226 
436.899 



WILMINGTON AND MANCHESTER RAILROAD. 



185 



OFFICERS. 



Charles Moran, President. 
Saml. Marsh, Vice President. 



Nathaniel Marsh, Secretary. 

S. T. Headlev, Ars'stant President. 



Charles Moran, 
Ralph Mead, 
Edwin J. Brown, 
Dudley S. Gregory, 
Ambrose S. Murray, 



Directors. 

Samuel Marsh, 
E. K. Alburtis, 
Geo. T. Cobb, 
Cornelius Smith, 
D. A. Cushman, 
Geo. Bruce, 



Daniel Drew, 
John Arnot, 
Robt. H. Berdell, 
Herman Gelpecke, 
W. B. Skidmore. 



WILMINGTON AND MANCHESTER RAILROAD. 



From Wilmington, N. C, to Kingsvllle, S. C i 171 miles. 

This road connects at 
Wilmington with the Wilmington and Weldon Railway. 
Florence " Cheraw and Darlington " 

" " North Eastern " 

Manchester " Camden Branch of S. C. " 

Kingsville " South Carolina " 

and may he regarded as the only connecting link with the several roads skirting the 
seaboard. Before it was built, the connection at Charleston was for many years 
made by steamboats from Wilmington. The competition through Virginia and 
East Tennessee for the passenger traffic is, however, beginning to affect the rev- 
enues of this road, as well as its tributaries — the decrease in earnings during the 
year having been $80,324, of which $63,684 is from through passengers. 

Its surplus earnings are used for improving the road-bed. It was originally 
built in the most economical manner, representing now, with repairs and a fair 
equipment, a cost of only $13,900 per mile — affording a striking contrast with 
roads in every section of the Union that have been built chiefly with bonds and 
stock. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending September 30 
Office, Wilmington, N. C. 



1858. 



Cr. 



1. Cost of road and equip- 

ment 

2. Invested in other roads. . 
Debts due the company . 

3. Cash means 



$2,371,536 

223,150 

9,551 

49,174 



$2,653,411 



Capital stock . . . 

4. Bonded debt 

5. Floating debt. . 

6. Profit and Loss. 



$1,125,315 

1,123,000 
137,740 
267,356 



$2,653,411 



1. Amount charged to construction in report 

From which deduct interest charged in 1857, $93,482, and in 
1858, $83,346 



Cost of 171 miles of road. 
About $13,900 per mile. 



$2,548,364 

176,828 

$2,371,536 



W 



186 capitalist's guide and railway annual. 



Equipment consists of 23 Locomotives ; 32 Passenger, baggage and mail cars, 
and 101 Freight and 55 other cars. 



2. Wilmington and Weldon Railroad stock. 
Cheraw and Darlington " " 

Surveys Water ee and Hamburg " 



3. Due from P. 0. Department. 
Uncollected revenue 



4. 1st Mortgage bonds 

2d " " 

Income " 

Bonds secured by W. & W. R. R's stock. 



$201,500 

19,211 

2,439 

$10,687 
23,764 

$596,000 
200,000 
177,000 
150,000 



5. Bills Payable $108,808 



Account 
Negro bonds 
Scrip 
Pay rolls 



due contractors. 



6. Amount cr. of profit and loss, Oct. 1, 1857, 
" profits of the road the past year. . 



Total 






From which deduct ' 
for 1857 


' interest account" 


$93,482 
83,346 


" 1858 









13,370 
2,085 
3,593 
9;984 

$315,863 

128,321 

$444,184 



$176,828 



$223,150 
$49,174 

$1,123,000 
$137,840 



$267,356 



Dr. 




INCOME 


A.CCOUNT. 




Cr. 




1857. I 1858. 


Gross earnings. . . 


1857. 


1858. 


Operating expen- 


$221,578 

93,482 

147,456 

$462,516 


$209,766 

44,105 
83,346 

44,975 

$382,192 


$462,516 
$462,516 


$382,192 


Operating expen- 
ses of prev's y'rs. 

Interest on debt. . 

Balance, to P. and 
Loss 


$382,192 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Sept 30 1857. 1858. 

Gross receipts $462,516 $382,192 Dec. $80,324 

Operating expenses 221,578 209,766 " 11,812 

Net earnings $240,938 $172,426 " $68,512 

Falling off in receipts in 1858, about 17| per cent. 
Decrease in net earnings in 1858, about 28 " 

1857. 1858: 

Net income from gross receipts, per cent 52„74 45,, 15 Dec. 7„59 

" on cost of road, &c ., " 10„17 7„29 " 2„88 

" on capital stock, after allowing for 

interest, &c, per cent 10„31 6„81 " 3„50 

Net earnings on length of road, per mile $1,558 $1,008 " $550 



LONG ISLAND RAILROAD. 



187 







TABLE OF MONTHLY EARNINGS. 




1856. i 1857. 1858. 


I 


1856. 1 1857. j 1858. 


January 

February . . . 

March 

April 

May 

June 


$30,181 
25,117 
40,989 
21.909 
23^15 
29,502 


$32,153 
40,814 
46,404 
28,516 
29,924 
44,163 


$30,478 
27,595 
44,901 
25,270 
24,703 
34,690 


'July 

August 

September.. 
October 

j November.. . 
1 December. .. 


$20,876 $33,379' $23,920 
23,841; 36,887 26,321 
31,874 54,108 39,344 
35,262 32,587| 
36,131! 28,8291 
44,774 43,554 : 



STATEMENT OF COTTON. 

Delivered at Kingsville bales 

" " Florence " 

" " Wilmington " 

Total oarried over the road " 



1857. 


1858. 


15,046 


8,894 


10,011 


5,091 


5,755 


3,099 



30,812 16,584 



Will. S. Mulllns, President. 
Wm. A. Walker, Secretary. 



Wm. S. Mullins, 
Edgar W. Charles, 
Alfred Smith, 
N. N. Nixon, 



OFFICERS. 

Joseph J. Ling, Treasurer. 

Jas. P. Robertson, Superintendent. 



Direclws. 
G. J. W. McCall, 
John B. Moore, 
John Dawson, 
J. A. Taylor, 
Wm. R. CTtley, 



J. En Gregg, 
H. Nutt, 
M. P. Mayes, 
G. R. French. 



LONG ISLAND KAILK0AD. 



Main line, from Jamaica to Greenport 84 miles. 

Hempstead Branch, from Junction to Hempstead 2£ " 

Total length 86^ miles. 

The company operate the Brooklyn and Jamaica Railroad (lease ex- 
pires in 1870) 11 " 

Syosset branch 4 " 

Total operated by L. I. R. R. Co 101<| miles. 

The Brooklyn and Jamaica road is leased at an annual rental of 11 per cent, of 
the gross earnings of both roads, provided it is not less in any one year than 
$21,000, or shall not exceed $33,000 — equivalent to a permanent interest in the 
road. In 1852 the Long Island Company laid a new track from Brooklyn to Ja- 
maica. 

The Syosset branch is leased at 7 per cent, on its cost — about $47,000. Formerly 
the stock of the L. I. road was one of the great foot-balis for speculation at the 
Stock Exchange, but is now mostly owned in Philadelphia, and its entire control 
emanates from that quarter. The board of directors have obtained the consent 
of the stockholders to change its western terminus from South Brooklyn to Hunt- 



188 capitalist's guide and railway annual. 

ers's Point, and to become the owners of the Flushing Railroad, 8 miles long. The 
Long Island Company will have to build a road from Jamaica to Flushing, some 
3 miles in length, to make the connection perfect. This it can very well afford to 
do, by being relieved of the lease of the Brooklyn and Jamaica road — having to- 
pay the full $33,000 per annum for its use, equal to 7 per cent upon $471,000. 
For the Flushing road, the Long Island Company pay $275,000 in 7 per cent, bonds, 
reimbursable in 30 years, secured by a mortgage on the 8 miles of road, and 
$62,000 in cash. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending March 31, 1858. 

Office, Brooklyn, N. Y. 



Ce. 



1. Cost of road 


$3,1S6,564 
171,193 

37.136 
22:651 

15,966 

53,000 

100,000 

1,000 

13,333 

39,410 

6,940 

$3,647,193 




$3,000,000 


Cost of equipment. . . . 

Real estate not in con- 
struction account 

Materials and fuel 

Debts due to the corn- 


4. State of New 

York $100,000 

Less at credit of 

company by 

sink'g fund. 23.112 


76,888 
500,300 


Bonds of this company. 

Stock 

Stock of Syosset branch. 

Ferry fund 

Other investments 


5. Bonded debt 


6. Floating debt 


70,005 








$3,647,193 



1. Including equipment and real estate, $39,476 per mile. 

2. Cash in hands of treasurer $4,834 

Due from P. O. Dep't 2,056 

$6,940 

4. Due in 1861 — extended to 1876, interest changed from 6 to 5 per cent, by act of 

Legislature, 1858. Amount of sinking fund on deposit with comptroller of 
State of New York, per report to Legislature, January, 1858. 

5. Mortgage bonds, due in 1870 $500,000 

Hempstead branch, " " 300 

$500,300 

6. Morris Canal Bank loan, with interest, in suit be- 

tween estate of A. G. Thompson and Jesse Hoyt, 

will have to be paid in 1858 or 1859 $40,390 

Old claims not presented 19,969 

Rent due in April, May and July, 1859 3,626 

Coupons not presented 1,020 

Mortgage on purchase of depot grounds at Bedford, 

not matured 5,000 

$70,005 

BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending March 31 1857. 1858. 

Gross earnings $307,784 $325,652 Inc. $17,868 

Expenses...? 203,431 186,710 Dec. 16,721 

Net earnings $104,353 $138,942 Ino. $34,589 

Increase in gross receipts in 1858, nearly 6 per cent, 
net " " about 33 " 



CENTRAL (GEORGIA) RAILROAD. 



189 



Net income from gross receipts, per cent. 
" on cost of road, &c, " 
" " capital stock (after pay- 
ing interest, rents, and all other 
charges), per cent 

Net earnings on length of road, per mile. 



1857. 

33„90 

3, .07 



1 
$1,213 



1858. 

42„70 

4„09 



2„18 
$1,616 



Inc. 8„80 
" L.02 



1„18 
$403 



TABLE OF MONTHLY EARNINGS. 



| 1856. 



January.... 
February . . 

March 

April 

May 



$11,982 
13,658; 
24,738 
26,650 
25,565 
June i 25,408| 



1857. I 1858. 



$9,562 
20,260 
24.201 
27:640 
26.226 
28:367 



$18,114 
16,669 

22,790 



July 

August .... 
September . 
October. . . . 
November . 
December. . 



1856. 


1857. 


$32,399 


$36,422 


37,389 


40,879 


31,453 


34,133 


27,356 


25,631 


22,892 


23,475 


20,216 


20,428 



1858. 



OFFICERS. 
Wm. E. Morris, Pres't and Sup't. W. S. Russell, Sec'y and Treasurer. 



Wm. E. Morris, 
Coffin Calket, 
Charles Emory, 
Henry L. Gaw. 



Directors. 

Georoe Neales, 
Joseph W. Ryeress, 
Charles J. Smith, 
Thos. G. Talmage, 
Chas. J. Lowery, 



Townsend Jones, 
Henry "W. Titus, 
Joseph H. Trotter, 
Geo. L. Willard. 



CENTRAL (GEORGIA) RAILROAD. 



From Savannah to Macon 191 miles. 

This company lease the Milledgeville and Eatonton Railroad (at 
an annual rent of $48,000) 38 " 

Total length operated 229 miles. 

Connecting at Savannah with steamers for New York, Charleston, Havana, Au- 
gusta, Jacksonville, and the intermediate points on the coast of 
Georgia. 
" " Savannah with the Savannah, Albany and Gulf Railway . 

" " Millen " Augusta and Savannah " 

" " Gordon " Milledgeville and Eatonton " 

" Macon " South Western " 

" " " Macon and "Western " 



190 capitalist's guide and railway annual. 

This road is one of the oldest in the State, or Southern states, and was com- 
menced in 1836 and finished in 1841. It was chartered with banking privileges, 
which it never abused, and as a corporation, with the title of " The Central Rail- 
road and Banking Compauy," it stands deservedly high, both in its character as 
a railway and banking institution. Its first president was W. W. Gordon, who 
died in 1844. He was succeeded by the present incumbent, R. R. Guyler, Esq., 
then its cashier, who has since been identified with the railway system of Georgia. 
Like all new enterprises, the Central Railroad, in its infancy, had its vicissitudes 
and embarrassments, but being managed with consummate ability, it not only 
survived them, but now pays regular semi-annual dividends of five per cent, each, 
has no debt but what can be immediately liquidated from its reserved fund, and 
then leave on the books of the company the actual value of the shares at $116 each. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending November 
Office. Savannah, Ga. 



), 1858. 



Cr. 



Cost of road and appur- 
tenances , $3,750,000 

Notes and bills discount- 
ed : 653,940 

Due by other banks . . . . ' 271,816 

Real estate 33,450 

Due by agents 46,563 

Notes of other banks ... 8.203 

Specie 231,326 

Invested in railroads. . . . 550,152 

Other investments I 99,551 

$5,645,001 



4 Capital stock, railroad. . 


$3,750,000 


" bank 


250,000 


Deposits, " .... 


135,460 


Circulation " 


242,789 


Due other " .... 


238,400 


Unclaimed dividends. . . . 


24,755 


Dividend, declared this 




day 


199,851 




158,767 
4,340 


Suspense account 




640,639 






$5,645,001 



1. Embracing roadway ; equipment, which consists of 52 Locomotives, 28 Pas- 

senger and baggage, 623 Freight and 10 Stock cars ; station buildings ; ma- 
chine shops and machinery; warehouses; depots, &c, $19,634 per mile. 

2. Eatonton and Gordon Railroad bonds $14,311 

Muscogee " " 16,000 

Montgomery and West Point Railroad bonds 5,300 

Florida " « 5,600 

South Western " stock 327,341 

Augusta and Waynesboro' " " 90,000 

Milledgeville and Gordon " " 42,500 

Eatonton Branch " " 23.100 

Montgomery and West Point " " 24,000 

Mobile and Girard »" " 1,000 

Thomaston and Barnesville " " 1.000 

. $550,152 

3. City of Columbus bonds $13,500 

Savannah and New York steamers, $80,571, held at. 43,751 

Steam propeller stock, par 35,000 

Philadelphia and Savannah steamers, $15,000; held at $5,000 

Milledgeville Hotel Company, par 2,300 

(90 Sol 

4. General stock 39.851 shares. 

Guaranteed " June, 1849 83 " 

« Dec. 1849 66 " 

40,000 shares. $100 $4,000,000 
Of which $3,750,000 is railroad capital. 
250,000 " bank 



CENTRAL (GEORGIA) RAILROAD. 

Seven per cent, bonds, due as follows : 

Jan'y 2, 1859 27,500 

July 11, " 9,000 

Nov. 1, " 15,000 

Dec. 1, " 700 

in 1859, $52,200 

Jan'y 1, 1860 500 

April 1. " 800 

Aug. 1, " 1,200 

Oct. 1, " 800 

Nov. 1, " 600 

in 1860, 3,900 

Feb'y 2, 1862 94,500 

April 1, 1863 7,500 

Due, not presented 667 



191 



$158,767 



Dr. 




INCOME . 


ACCOUNT. 




Ce. 




1857. 


1858. 


R. R'd earnings. 


1857. 1858. 


Operating expen 






$1,171,560 $1,318,851 


ses 


$580,335 


$541,126 ! 


Bank " 


74,054 55.889 


Bank expenses.. 
Interest 


14,704 
17,651 


1 24,300 1 








Dividend, Jun. 1, 


196,028 


199,744 








Dec. 1, 


197,835 


199,&51 








Rent M. & Gor- 












don Railroad. 




48,000 








Extraordinary 












road expenses. 


211,214 


56,981 1 








Carried to reser- 




• 








ved fund, June 




93,436 1 








Reserved fund. . 


29,847 


211,302 ! 










$1,245,614 


$1,374,740 


$1,245,614 


$1,374,740 



BUSINESS OF THE RAILROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30. . . 1857. 1858. 

Gross earnings $1,171,560 $1,318,851 Inc. 

Operating expenses 580,335 541,126 Dec 

Net earnings $591,225 $777,725 Inc. $186,500 

Increase in 1858, in receipts, 12^ per cent. 
" *« net earnings, 32 " 

1857. 1858. 

Net income from gross receipts, per cent 50,, 48 5S,,96 Inc 

" on cost of road, &c, " 15„77 20„74 

" on capital stock, after allowing for 

all charges to income account, 

percent 9„67 17„67 " 

Net earnings on length of road, per mile $3,095 $4,072 



$147,291 
39,209 



8„48 
4„97 



8„00 
$977 



192 capitalist's guide and railway annual. 



table of monthly earnings. 



1853. 



1856. 



1857. 



January . 
February 
March . . . 
April .... 

May 

June 



$120,239 $116,275 $89,626 j July l $62,952 $63,813! $62,836 

130,300! 111,407 120,554 I August 80,587 89,678i 81,322 

127,3861 114,456! 117,539 ! September. . 121.292 98,762 157,968 

106,014; 85.195 87.275 | October 168,746 99,325 206,079 

73,527! 60,441i 69,665 | November... 128,513 103,981i 188,708 

54,616! 45,953! 65,020 !i December. . . 133,357 107,130 



PRINCIPAL ARTICLES OF FREIGHT MOVED FASTWARi) DURING THE FISCAL YEARS 
OF 1857 AND 1858. 



1857. 

Cotton bales 200,133 

Yarn " 3,964 

Corn bushels.... 35,628 

Wheat " .... 448,280 

Flour barrels 12,457 

" sacks 40,481 

Bacon lbs 554,753 

Lard " 77,572 

Copper ore " 1,379,601 

Hides and leather " 435.485 

Tobacco " 39,017 

Live stock head 2,708 



1858. 



Increase. Decrease. 



350,375 


150,242 




4,286 


322 




73,459 


37.821 




111.508 




337,778 


35,661 


23,204 




75,809 


35.328 




447,996 




106,957 


61,956 




15,616 


60,280 




1,319,321 


345,709 




89,776 


55,470 




16,453 


957 




1,751 



OFFICERS. 
R. R. Cuyler, President Central Railroad and Banking Company. 
George A. Cuyler, Cashier " " " " " 

D. F. Lefils, Treasurer " " 

George W. Adams, Superintendent " 



R. R. Cuyler, 
Andrew Low, 
J. R. Wilder, 



Directors. 

Thomas Purse, 
J. W. Anderson, 
Wjj. Cbabtree. 



W. R. Fleming, 
F. G. Dana, 
J. B. Gallie. 



PANAMA RAILB0AD. 



From Aspinwall to Panama, New Granada 49 miles. 

This road connects (in two hours' travel) with the Atlantic and Pacific ocean 
steamers. 

Commenced in January, 1850 — opened January, 1855. The subject of opening 
a communication with the two oceans, at the isthmus of Darien, engaged the 
attention of distinguished travellers from the earliest period in the history of 
America down to the discovery of gold in California. Through the skill and en- 
terprise of Mr. Aspinwall and his associates, the whole commercial world are 
indebted for its final consummation. 

The total cost of the road, equipment, stations, depots, ware- 
houses, wharves and property of every kind, is $8,000,000 



PANAMA RAILROAD . 



193 



This represents the capital of the company — the construction account being 
closed — viz : 

Capital stock $4,967,000 

Convertible bonds 33,000 

1st Mortgage sterling bonds, due December 1, 1859 750,000 

1st " " " April 10, 1865. . . . 1,250,000 

2d " " " Febr'y 20,1872.... 1,000,000 

$3,000,000 

Assets 4th January, 1859 : 

425 bonds, 2d Mortgage, on hand $425,000 

Cash and cash means 257,435 

$682,435 

Representing : 

Balance to credit of income account $529,041 

" " sinking fund (invested) 153,b94 

$682,435 

The company ha3 no floating debt, and the balance remains at the credit of 
Income account, after dividing 6 per cent, on the 3d January, reserving the dues 
to the New Granadian government, and appropriating $100,000 to the sinking fund. 



Dr. 




INCOME ACCOUNT. 




Ciu 




1857. 


1858. | 


Surplus 

Passengers. 

Freight in mdze. . 

" treasure. 

Vlails 


1857. 


1858. 


Operat'g expenses. 
Office " 
New Granada 
gov. propor- 
tion mail. $10,000 
" div'd. 17,303 


$343,387 
22,250 

27,308 
178,665 

90,000 
233,510 
238,510 

50.000 
390,581 

$1,684,211 


$386,234 

22,750 

i 

27,802 

186.181 

13,523 

i 

40.000 
296,700 
296.700 
100,0001 
529,041 

$1.893.931 1 


$373,394 
693,250 
354.433 
122.076 
112,058 
18,995 

$1,6 44,211 


$#0,531 
743,578 
432,456 
147,854 
100,000 


Baggage, Jfec 

December, estima- 
ted 


22,193 


Interest 


2,232 


Equipment 

Depreciation, loss 






Dividend, July... 

Jan'y.. 

Sinking fund 






$l.89aSl 



ANALYSIS OF THE BUSINESS FOR THE PAST THREE YEARS. 



Fiscal year ending Dae. 31 1&56. 

Gross receipts $1,459,525 

Transpor tation expenses 373,094 



1857. 1858. 

$1,684,214 $1,898,932 
397.945 450,309 



Net earnings $1,036,431 $1,236,269 $1,448,623 

Increase in gross receipts in 1857 over those of 1856 15.,39 per cent 

" net " " " " 18,.45 « 

gross " 1858 " 1857 12„78 

" net " " M " 12„70 " 

" gross ** M M 1856 30„10 

•■ net «« " M M 33„54 « 



17 



194 capitalist's guide and railway annual. 

1856. 1857. 1858. 

Net income from gross receipts, per cent 74„41 70„60 76„24 

" on capital stock, after allowing for inter- 
est, sinking and depreciation funds, 
percent 19 23„03 26„35 

Net earnings on length of road, per mile $22,172 $26,250 $29,564 

The following are the operations of the road, and dividends declared, from De- 
cember, 1851, to December, 1858, a period of six years : 



Receipts. 

1852 $250,162 

1853 333,823 

1854 453,572 

1855 1,031,683 

1856 1,459,525 

1857 1,684,214 

1858 1,898,932 

$7,111,811 



Expenses. 


Net Income. 


Dividends, 


$78,402 


$71,760 


No. 1. 


10 per cent-. 


131,487 


202,336 


\l 


5 

3i 


« 
u 


122,104 


331,468 


1 

* : 

k 8. 
1 9. 


3 2 

3a 


(( 


322,535 


709,148 


6 
6 


It 
If 


373,094 


1,086,431 


6 
6 


«< 


397,945 


1,236,269 


C10. 
111. 


6 
6 


•< 


450,309 


1,448,623 


fl2. 
Jl3. 


6 
6 

73* 


(4 
H 


1,805,876 


$5,136,035 

;rs. 


« 


OFFICE 





David Hoadley, President. Joseph F. Joy, Secretary. 

Auo. Hoffman, Treasurer. 



David Hoadley, 
W. H. Aspinwall, 
Edwin Bartlett, 
Henry Chauncey, 



Directors. 

Henry A. Coit, 
Saml. W. Comstock, 
Edward Cunard, 
Gouvernetjr Kemble, 

THEO. W. R.ILEY, 



Wm. White wrioht, Jr., 
John Steward, Jr., 
Isaac Townsend, 
Wm. Fellowes. 



WORCESTER AND NASHUA RAILROAD. 

From Worcester, Mass., to Nashua, N. H 46Jmiles. 

Connecting at Worcester with the Norwich and Worcester Railway. 
« " " Western " 

" " " Boston and Worcester " 

" " " Providence and Worcester. 

Fitchburg and Worcester " 



Sterling Jn. 
Groton " 



Nashua 



Peterboro' and Shirley 

Fitchburg 

Stony Brook 

Concord 

Wilton 

Nashua and Lowell 



WORCESTER AND NASHUA RAILROAD. 



195 



This company is easy in its finances, has no floating debt, and but a small bonded 
dabt (due in 1860), and pays regular semi-annual dividends of 3 per cent. 



D*. 



BALANCE SHEET. 

Fiscal Year ending November 30, 1S5S. 

Office, Worcester, Mass. 



Cr, 



Cost of road : 
In Mass.. . $1,212,839 

"N. H.. 116,059 



Real estate not in con- 
struction account 

Materials and fuel 

Debts due the company . 
Cash 



$1,328,898 

6.172 

50.2:38 
2,569 

28,678 



i $1,416,555 



Capital stock 

Bonded debt 

4. Floating debt. ... 
Reserved income. 



$1,141,000 

200,000 

31,210 

44,345 



$1,416,555 



1. Including roadway, stations, depots, shops and machinery, equipment, $28,891 

per mile. Equipment consists of 10 Locomotives, 12 Passenger and bag- 
gage, 123 Freight and 20 Service cars. 

2. Wood lots. In addition the company own real estate not used for railroad 

purposes, valued at $24,583. 

3. Bills receivable $1,013 

Accounts 1,556 



4. Dividend, January, 1859. 
Unclaimed dividends 



$30,444 
766 



$2,569 
$31,210 



Dr. 


INCOME ACCOUNT. 




Cr. 




1857. | 185S. 


1857. 

$23,204 

207,328 


1S58. 


Operating expenses 
Interest on bonded 

debt 

Two dividends 


$125,5981 $101,275 | Balance 


$32,619 
185,128 


, Gross earnings 

11.4271 11.237 
60.SSS; 60.888 
32,619 44,345 ;| 

$230,532! $217,747 l| 








$230,532 


$217,747 



ANALYSE OF THE BUSINESS FOR THE PAST TWO YEARS. 

Fiscal vear ending November SO 1857. 185S. 

Gross receipts $207,323 $185,128 Dec. $22,200 

Operating expenses 125,598 101,278 " 24,317 

Net earnings $31,730 $83 ; 850 Inc. $2,120 

Falling off in receipts in 1858, W4 per cent. 
Increase in cot earnings " 2f " 



196 capitalist's guide and railway annual. 



1857. 1858. 

Net income from gross receipts, per cent 40,, 45, ,33 

" oncost of road. " 6,, 15 6,,31 

'* on capital stock, after allowing for 

interest on debt, per cent 6,»16 6,,37 

Net earnings on length of road, per mile $1,777 $1,823 



Inc. 6„83 

" 21 

$40 



TABLE OF MONTHLY EARNINGS. 



January . 
February 
March. . 

April 

May 

June 



1S56. 


1357. 


1858. 


$11,683 


$11,684 


$9,917 


10,933 


13.800 


9.803 


15.740 


18.385 


13.683 


19.832 


18.893 


15,950 


19.450 


18.3M 


16,956 


19,-137 


lS,189l 


15,401 



July 

August 

September. 
October . . . 
November . 
December.. 



1856. 


1857. 


$20,978 
20.161 
23,120 
21,617 
20,7^5 
I 15,397 


$18,924 
21.435 
23 780 
14.914 
13,603 
10,0781 



1858. 

$17,063 
19,664 
19.717 
17.748 
19,142 



OFFICERS. 

Gbo. T. Rice, President. T. W. Hammond, Treasurer. 

Geo. W. Bentley, Superintendent. 



Stephen Salisbury, 
Aijsx. Dewitt, 
Jacob Fisher, 



Directors. 

F. H. Kennicutt, 
Thos. Chase, 
A. E. Hildreth, 



Francis H. Dewey, 
Beth W. Fowle. 



MISSISSIPPI AND MISSOURI RAILROAD. 

Main line, from Davenport to Council Bluffs, Iowa 310 miles, 

Muscatino Branch, from Wilton to Muscatine 12 " 

Oscaloosa " " Muscatine to Oscaloosa 95 " 

Total, when completed 417 miles. 

Finished, from Davenport to Iowa City 55 miles. 

" Wilton to Muscatine 12 " 

" Muscatine to Washington 40 " 

Total in operation 107 miles. 

Under contract, from Washington tn Oscnloosa 55 " 

" " Iowa City to Fort Dcs Moines 119 " 

Located, from Fort Des Moines to Council Bluffs 136 " 

Total, as above 417 miles. 

The above road connects with the Chicago and Kock Island Kail way by mean* 
of a bridge across the Mississippi river, connecting also the cities of Davenport 
and Hock Island ; both roads have an equal and controlling interest in the bridge. 
This line is^irtiially an extension of the Chicago and Kock Island road into- 



MISSISSIPPI AND MISSOURI RAILROAD. 197 

Iowa. The officers and directors are, with a few exceptions, the same in each 
company, although the business of each are distinct and separate, so far as share- 
holders r.re concerned. 

This company has made no report since 1857, and in that no mention is made of 
the cost of the road between Davenport, Iowa City and Muscatine, or of the work 
on the Oscaloosa division. Its resources aro estimated in round numbers in a 
statement issued in April, 1859, as follows: 

7 per cent, bonds on division from Davenport to Iowa City $1,000,000 

8 « " " " " " " 400^00 

7 " " Oscaloosa division 1,425.000 

7 " " secured by " Land Grant," 7,000,000 

Stock 5,175,000 

Total $15,000,000 

Estimated cost of both lines, including 40 miles of 

sidings $12,500,000 

Estimated cost of equipment and station buildings 2,500,000 

$15,000,000 

The same statement gives the whole expenditur3S on the road, including the 
grading, iron, &c, to Washington, to be $4,198,000, equal to $39,284 per mile. 
This probably includes some work done on the lines not opened, which would re- 
duce the cost. The estimate, however, is $36,000 per mile for the whole length of 
the road. This company will get, under the grant from Congress, about 417,000 
acres of land, which is the basis of a security for the bonds referred to in the re- 
sources of the company. 

The funded debt in 1857 was as follows : 

1st Division — 1st Mortgage convertible, previous to July 1, 1S60 $1,000,000 

" 2i " secured by a sinking fund 400,000 

Oscaloosa Division — 1st Mortgage 200.000 

Total $1,600,000 

Capital stock issued, dividend $1,386,225 

" construction.. 443,400 

$1,829,625 

Total $3,429,625 

The road was opened from Davenport to Muscatine in October, 1855, and to 
Iowa City in the January following. It was not delivered into the possession of 
the directors until 1st July, 1856. 

Its earnings were, for the 

Six months ending 31st December, 1856 $184,199 

Six " " 30th June, 1857 148.567 

Total $332,766 

Expenses, same time 178,891 

Net earnings $153,875 

Net income from gross receipts 46,,24 per cent. 

" on cost of 67 miles of road 4,,52 " 

Deficiency in income to meet interest on debt and construction 

stock (upon dividend stock) 0,,47 *' 

Net earnings on length of road opened $2,297 per mile. 

No report of the business of the last year, ending June 30, 1858. The proba- 
bility is, that the falling off is nearly in the same ratio as other western roads. 
The company should issue annual reports ; those reports ought to contain a bal- 

IT* 



198 capitalist's guide and railway annual. 

ance sheet drawn off on the 30th June, with such explanations of each item as 
would convey a complete history of the finances of the road. It is impossible for 
the public to judge of the condition of a road or the merits of its securities 
without these. 



OFFICERS. 

Hon. John A. Dix, President. Hiram Price, Secretary. 

Addison Day, Superintendent. 

Directors. 

Hon. John A. Dix, Francis H. Tows, Wm. A. Walcott, 

Hiram Price, Thomas M. Isett, A. C. Flagg. 

Wm. B. Ogden, N. B. Judd, 



WESTERN (N. C.) RAILROAD. 

From Fayetteville to Deep River (Chatham Co.) 43 miles> 

IN PROGRESS. 

The object of this road i3 to reach the bituminous coal fields and mineral de- 
posits of the Deep river valleys, as well as to open for Fayetteville a trade with 
the agricultural districts, above the navigable waters of Cape Fear river. 

From the estimate of the engineer, the whole cost of the road, including equip- 
ment, will be as follows : 

Graduation, including bridges $314,424 

Iron 300,113 

Depots, stations, shops and fixtures 65,000 

Engineering, salaries and land damages 80,000 

Additional roadway (3 miles) 45,000 

Equipment 270,580 

— $1,025,017 

or $22,283 per mile. In the estimate of equipment, there is included 12 Locomo- 
tives and 500 coal cars. In the line, the work already done is included, which ia 
as follows : 

For construction, engineering, &c $136,374 

" right of way and depot grounds 13,746 

$150,120 

Leaving to be done $874,897 

Means raised applicable to the construction of the road are : 

Subscriptions by the town of Fayetteville $100,000 

" " county of Cumberland 100.000 

" " individuals 141,232 

$341,232 
Deficiency of means $683,785 

Estimated cost as above $1,025,017 



MORRIS AND ESSEX RAILROAD. 



199 



The following is the Balance Sheet of the ccmpany at the last annual meeting 
on the 15th March, 1858 : 



BALANCE SHEET. 
Fiscal Year ending March 15, 185S. 



Dr. 


Office, Fayetteville, N. C. 


Cr. 




$150,120 

40,G73 

18.800 

87.000 

4.700 

6,750 

54.500 
1^29 


Capital stock 

Notes given for iron 

Interest on bonds'. 


$290,212 




64,762 
6,093 


County bonds 

Town " 






Bill3 receivable 

Bonds guaranteed by State 

of North Carolina 

Cash 






$364,072 


$364,072 



The work thus far has been upon the line near Fayetteville. The grading of 
25 miles is contracted for ; 18 miles from Cape Fear river is finished ; tho 
iron, spikes, chairs and ties purchased, and are probably by this time all laid 
down, so that cars will be running by the 1st of March. Had the means of the 
company permitted, the whole line could have been put under contract last 
spring, in which event the road could have been opened by the 1st July, 
1859. Upon the completion of this road, an excellent gas coal can be laid down 
&t Wilmington, N. C, at a less cost than from any cf the bituminous coal fields 
west of the Allegany mountains, and in quantities and prices that will preclude tho 
necessity of the numerous gas works along the seaboard from importing their 
supplies from England or Pictou. 



OFFICERS. 

Charles B. Mallett, President. John M. Rose, Soo'y and Treasurer. 

Wm. A. Kuper, Chief Engineer. 



MORRIS AND ESSEX RAILROAD. 

From Newark to Hackettstown, N.J 53 miles. 

The trains of this company are run on the New Jersey road from Newark to 
Jersey City, and make connections with New York. At Newark they connect 
with those of the Newark and Bloomfield road, and at Waterloo with the Sussex 
railway. 

This road will probably be extended from Hackettstown to Phillipsburg (26| 
miles), the surveys having been completed. The cost will vary, according to the 
route adopted, f'-om $350,000 to $500,000. It is in contemplation to bring the line 
to Jersey City at a cost of $150,000 to $650,000. These two extensions will, with 
the additional rolling stock required, iuvolve an expenditure of about $1,200,000, 
equal, for 89 miles of road, buildings and equipment, to about $31,000 per mile. 



200 capitalist's guide and railway annual. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending May 31, 1853. 
Office, Newark, N. J. 



1. Cost of road to Haek- 


$1194.140 
lli;795 




$1,157,805 


ettstowu 


5. Bonded debt 


340,000 


2. Cost of equipment 


Floating debt 


7,010 


3. Real estate not in con- 


Income account 


192,312 


struction account 


274,088 






Expended on road west 








of Hackcttstown 


29,755 






Surveys from Newark to 








Hrdson river 


2,107 






Materials and fuel 


15,000 






4. Invested in other roads. . 


55,000 






" telegraph 








stock 


2,000 






Cash means 


13,242 












$1,697,127 


$1,697,127 



1. Cost of road, equipment and real estate, about $30,000 per mile. 

2. 11 Locomotives, 20 Passenger, 73 Freight, and 20 Service cars. 



3. Stations, roadway, (fee... . 
Buildings 

New York freight building. 



4. Newark and Bloomfield Railroad stock. 



6. Bonds due in 1864. 

" 1870. 

•' school fund 



$277,442 

96,246 

400 



$300,000 
10,000 
80,000 



$274,038 



$340,000 



Dr. 


INCOME ACCOUNT. 




Ca. 




1856. | 1857. 


1 

L 

1 Gross earnings. . . 

i 

1 


1856. 


1857. 


Operating ex pen- 


$150,046, $136,223 
23 800 21,700 
73,580 

40,523 
4,373] 36,319 


$251,801 


$237,765 


Interest 

Two Dividends. . . 

Dividend, 3i 

Balance 










$251,80l! $237,765 


$251,801 $237,765 



BUSINESS FOR THE PAST TWO YEARS. 

Fiscal year ending May 31 1857. 1858. 

Gross receipts. $251,801 $237,765 Dec. $14,036 

Operating expenses 150,016 136,223 " 13,823 

Net earnings $101,755 $101,542 " $213 

Falling off in gross receipts in 1853. about 6 per cent., while the net earnings are, 
within a fraction, the same as in 1857. 



ALABAMA AND TENNESSEE RIVER RAILROAD. 201 

Net income from cross receipts in 1S57 40 per cent. 

185S 46„90 " 

on cost of road in " 6, ,43 " 

" on capital stock (after paying interest on debt), in 

1858 f. 6„69 « 

Net earnings on length of road in 1853. $1,916 per mile. 



OFFICERS. 



Wm. Wright, President. 

Joel W. Cokdict, Vice President. 



Amzi Dodd, Secretary. 

J . B. Baninger, Superintendent. 



Wm. Wright, 
Joel W. Condit, 
Beach Vanderpool, 



Directors. 

J. C. Garthwaite, 
Wm. N. Wood, 
Daniel Babbitt, 



Aaron Robertson ,. 
E. W. Whelpley. 



ALABAMA AND TENNESSEE RIVER RAILROAD. 

From Sclma to Gunter's Landing, on Tennessee river 206 miles. 

Finished, from Selma to Alpine 100 miles. 

In progress, from Alpine to Gadsden 67 " 

Projected, " Gadsden to Gunter's Landing 38 *• 

Total 205 miles. 

This road is designed to open to Mobile the trade of Northeastern Alabama, 
and that tributary to that portion of the Tennessee river navigable for steam- 
boats above Muscle Shoals. It is located for a considerable extent through a 
f>art of the State not hitherto very attractive to agriculturists, and brge tracts of 
and were vacant up to the closing of the district offices for the railway awards. 
This company will be the recipient of nearly 600,000 acres along the line of its 
•road, embracing an area of 15 miles on each side, upon which there are rich de- 
posits of iron, marble, coal and limestone. 



balance sheet. 



Dr. Fiscal Year ending May 31, 1858. 


Cr. 


1 . Cost of road 


$1,885,730 
134,073 

21.968 

3.620 

23.662 

$2,063,053 




$1,031,957 
671.957 


2. Co.<t of equipment 

Real estate not in con- 
struction account 

Materials and fuel 

Cash means 


3. Bonded debt 


Floating debt 

4 Contingent account.... 
Income account 


166. 09S 

40,811 

158,230 








$2,069,053 



1. About $18,800 per mile ; including equipment, $20,198 per milo. 

2. Consists of 7 Locomotives, 6 Passenger and baggage, 61 Freight, and 18 Ser- 



202 capitalist's guide and railway annual. 

3. 1st Mortgage bonds, 1st series £163.602 

2d " « 1st " 180,050 

2d " " 2d " 23,305 

$671,957 

4. Interest account $19,846 

Sale of engines (burnt) 1,900 

" cars, " 9,052 

Rents, donations, sale of gold, &c 10,013 

$40,811 

OPERATIONS FOR THE TEAR ENDING MAY 31, 1858, 

Gross receipts $113,152 

Operating expenses 61,336 

Net earnings '. $51,816 

The average length of line operated for the year was 88 miles. 

Net income from gross receipts was 45,,80 per cent. 

" on cost of road, &c 1\ 

" on capital stock, after paying interest and other 

charges against income account 46 " 

Net earnings on length of road $588 per mile. 

The estimated cost of completing the road to Gadsden, on the Coosa river, in- 
cluding additional equipment, is $304,684. The grading is all done, and ready for 
the iron. The company has, by the completion of the road to Alpine, the right to 
issue the second senes of first mortgage bonds, amounting to $338,450, the pro- 
ceeds of which will be applied to the further extension of the road, and discharg- 
ing its obligations as they mature. The income for the next fiscal year ending 
31st May, it is calculated, will be doubled from the encouraging prospects since 
the closing of that under review. 



OFFICERS. 

Thomas A. Walker, President. A. M. Goodwin, Sec'y and Treasurer. 

D. Sullivan, Superintendent. 



PACIFIC RAILROAD OF MISSOURI. 

Main line, from St. Louis to Kansas City 282 miles. 

Southwest Branch, from Franklin to State line (Newton Co.) 283 " 



Total length 565 miles. 

Finished, on main line to Tipton, Moniteau Co 163 miles. 

" S. W. Branch to Mosely's (Franklin Co.) . 19 " 

Total in operation 182 miles. 



PACIFIC RAILROAD OF MISSOURI. 203 

Graded, from Tipton to Warrensburg, main line 55 miles. 

Located, and part under contract to Kansas City 45 " 

Graduation nearly complete on Southwest Branch, from 

Mosely 's to James' Iron Works 43 " 

Located to Rolla, Phelps Co 52 " 

Projected from Rolla to State line. . . 169 " 

Total as above 565 miles. 

This is the most important of any of the roads of Missouri, as it is destined to 
be the principal thoroughfare to that vast extent of territory west of the Missouri 
river. The company not only have received the aid of the State direct and con- 
tingent to the extent of $7,500,000, but have acquired a grant of land of 1,127,000 
acres. 

It will be seen by the balance sheet of the company, made up to the close of tho 
last fiscal year (1 March, 1858), that the amount already expended for construc- 
tion on main line and Southwest Branch, is $10,569,245 

All but $158,000 expended on the 163 miles from St. 
Louis to Tipton, and $60,000 on the Southwest Br'h 
beyond Mosely 's. This would give for 182 miles of 
road, $10,351,245, or $56,875 per mile. 
Estimated cost of extending the main line to George- 
town 26 miles $750,000 

Estimated cost to Warrensburg 29 " 1,500.000 

Kansas City 45 " 1,250,000 

$3,500,000 
Southwest Branch to State line 9,500,000 

13,000,000 

Making the whole cost $23,569,245 

The available means of the company are as follows : 

State bonds, authorized $6,780,000 

Of which there has been drawn by the company . . . 6,780,000 

Construction bonds, endorsed by the State 4,500,000 

There has been drawn from this grant $76S,000 in 
direct, and $132,000 guaranteed bonds 900,000 

Leaving to be drawn $3,600,000 

Construction bonds, balance of the *$10,000,000, unen- 
dorsed $5,500,000 

County subscriptions 615,000 

Individual " 85,000 

Total means $9,800,000 

Add already expended 10,569,245 

$20,369,245 

Deficiency of means.. . . . . $3,200,000 

* Secured by 1,000,000 acres of land. 

By the act of 3d March, 1857, the further issue of the State aid to tho different 
railways, except where it was necessary to complete certain sections en the vari- 
ous lines, was suspended until the 1st day of March, 1859. Since that time 
this company, with some of the other roads that were the recipients of such 
aid, has been much embarrassed for funds to push forward the work, and it re- 
mains to be seen what policy will be adopted towards continuing the aid granted, 
and affording further assistance towards completing the two trunk lines to the 
Missouri river. 



204 capitalist's guide and railway annual. 



BALANCE SHEET. 
For Fiscal Year ending March 1, 1858. 



Dr. 


Office, St. 


Louis, Mo. 


Ca. 


1. Cjst of road, main line.. 

2. " " S.W. B'ch 

3. Cost of equipment 


$3,725,137 
967,962 
569,463 

305,633 

62,797 

183,445 

7,863 

873,166 

$11,701,516 


Capital stock 

State of Missouri 

Bonded debt 


$3,319,838 

7,543,000 

155,000 

604,720 

2,367 

71,594 


6. Floating debt 


st ruction account 

Materials and fuel 


L;md department 

Profit and loss 


Sundry accounts 










$11,701,516 



1. Cost of road-bed, from St Louis to Jefferson City. . $3,770,046 

" right of way and real estate 354,339 

Iron.... 1,242,295 

" Engineering, office expenses, vice 295,169 

" Interest, exchanges >nd commissions , 1,666,973 

" Construction west of Jefferson City 1,163,730 

Interest charged to transportation de- 
partment since opened to Franklin. . . $ R 64,226 
Less net earnings to March 1, 1853. . . . 518,578 

145,643 

Fences and protections 86,937 

2„ Construction of Southwest Branch $318,010 

Interest, exchange, vtec 149,952 



3. Consists of 26 Locomotives, SO Passenger and 414 Freight cars. 

4. Buildings, machinery and telegraph, 

5. State bonds (main line) on hand $306,000 

« (5\V. B'h) « 547,000 

Bonds of the town of Herman 500 

Cash in treasury 19,666 

6. Floating debt, main line $305,576 

" Southwest Branch 299,144 



$604,720 



BUSINESS OF THE ROAD FROM TRAFFIC, 



Gross earnings 

Operating expenses 



Year ending 

Mck. L, 18.37. 

$42(1236 

269,576 



Year ending 7 nuts, ending 
Melt. I, J858. Oct. 31, 18.",a 



$368,346 
355,139 



Net oarnings $156,711 

Increase in receipts in 1358, 56k per cent. 

Net income from gross receipts, per cent 

" ** on cost of road, " 

Deficiency of income to provide interest on State and 
Construction bonds, &c, on Capital stock of road, p. c. 

Net earnings on length of road opened, per mile 



$313,207 



1857. 

S6„80 

1„74 

11„15 

$1,254 



$103,694 



185& 

46„90 

3„04 

6„8± 
$2,088 



VICKSBURG, SHREVEPORT AND TEXAS RAILROAD. 205 

The gross earnings for seven months ending 31st October, 1853, were $408,694, 
showing an increase of but about $2,000. The receipts for October, with about 
25 miles more road in operation than October, 1857, shows a falling off of $1,651, 
all from passengers — owing to the decline in emigration. 



OFFICERS. 
John M. Winser, President. John G. Priest, Vice President. 



John C Rust, 
Charles K. Dickson, 
George Knapp, 
John J. Anderson, 



Directors. 
B. W. Alexander, 
John G. Priest, 
H. J. Bodley, 
B. W. Grover, 



John M. Winser, 
Samuel Gaty, 
James McDonough, 
Chas. P. CHOfEAU. 



VICKSBURG, SHREVEPORT AND TEXAS RAILROAD. 

From De Soto (opposite Vicksburg) to Marshall, Texas 190 miles* 

Finished — from Mississippi river to Richmond, in Madi- 
son Parish 21 miles. 

Under contract — from Richmond to Shreveport 149 " 

Surveyed— from Shreveport to Marshall 20 " 

Total 190 miles. 

The section between Shreveport and Marshall was let in the spring of 1857, but 
abandoned by the contractor. This road is located through a portion of north 
Louisiana containing but a small number of inhabitants. Ihe soil is exceedingly 
rich, and when cleared would make valuable cotton lands, and attract emigra- 
tion almost immediately upon the completion of the road. 

There has been already expended as follows : 

Labor, materials, and rolling stock $764,727 

Depot grounds and right of way 22,071 

Engineering 69,935 

Expenses, salaries, &c 46,770 

Interest and commissions 25.915 

- — $929,418 

Derived from the following sources: 

Individual subscriptions $329,775 

State of Louisiana subscription (in bonds) 174,000 

Subscription of Madison Parish, cash 71,5S8 

Caddo " " 54,283 

" City of Shreveport, cash 12,690 

Contractors paid in "Stock 240.586 

" Bonds 58,744 

" due in cash 49,540 

Miscellaneous 844 

$992,050 

Leaving in possession of the company : 

Cash means $62,632 

18 



206 capitalist's guide and railway annual. 

In addition to which, the company has the following means for extending the 
work: 

Individual stock, not paid in $279,424 

Madison Par. subscription, payable in cash 28,413 

Caddo 4i " " " 45,417 

City of Shreveport " " " 17,310 

State '« " bonds 426,000 

Contractors " " work 1,577,000 

$2,436,186 

The estimated cost, of the late engineer, of the road to Shreve- 
port, including equipment and station-houses, is $5,000,000 

. Already expended $929,418 

Means applicable to extension 2,436,186 

3,365,604 

Deficiency of means $1,634,396 

Against which the company owns a grant of land along the line of the road, of 
420,924 acres, which is valued at $10 per acre, and made the basis, with the road- 
way and property of all kinds, for an issue of $2,000,000 First Mortgage bonds, 
dated Sept. 1st, 1858, the proceeds of which, it is thought, will carry the road into 
Texas without making any considerable further calls upon its friends. The com- 
pany is entirely free from debt, and are determined to keep its liabilities within 
its means. 

The receipts from traffic belong to the contractors until the year 1863. 



OFFICERS. 

Charles G. Young, President. O. D. Stilman, Secretary. 

Joseph McGuirk, Treasurer. 



Charles G. Young, 

John Ray, 

C. A. Morrison, 

C. H. Dop.bs, 

J. N. T. Richardson, 



Directors. 
John T. Sterling, 
James H. Stevens, 
F. P. Stubes, 
David Faulk, 
W. A. Lake, 

Jno. L. Lewis, 
Jos. Wilder, 
H. M. Bry, 



D. M. Pugh, 
S. P. Gee, 
W. M. Burns, 
Jno. W. Webb, 
L. M. Nutt. 



On the part of the StaU. 



SAVANNAH, ALBANY AND GULF RAILROAD. 

From Savannah, Ga., to Mobile, Ala 460 miles 

Finished — from Savannah to Little Satilla river 71 miles . 

Surveyed " Little Satilla river to Albany, Ga 88 " 

Projected " Albany to Mobile 301 " 

Total 460 miles. 

The construction of this road to the initial point of the Atlantic and Gulf road, 
which has the aid of the State of Georgia to the extent of $1,000,000, was baaed 



SAVANNAH, ALBANY AND GULF RAILROAD. 



207 



upon the ultimate formation of a consolidated line of railway from the waters of 
the Atlantic to those of the Gulf, as authorized by the act of incorporation. Upon 
the completion of the northeastern end of the line, the Savannah company have, 
upon the application of the Atlantic and Gulf company, surrendered so much of 
the road for its actual cost as was necessary to establish the initial point referred 
to above. For the amount surrendered, and the adoption of thirty-two miles of 
the line located west of the Satilla river, the Atlantic and Gulf road is indebted to 
the Savannah company $67,381, thereby reducing the latter company's completed 
road to sixty-eight miles. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending May 1, 1858. 

Office, Savannah. Ga. 



Cr. 



1. Cost of road | $1,386,634 I 3. Capital stock 

2 Cost of equipment 52,373 ' Bonded debt. 

Cash means 34,133 | 4. Floating debt. 

I Income account 



I $1,473,140 | 



$1,275,901 

10,200 

180,621 

6,418 



$1,473,140 



1. 71 miles of road $1,168,608 

Surveys, right of way, salaries, &c 89,503 

Savannah depot and stations 43,59S 

Discount and interest 84,925 

$1,386,634 

About $19,500 per mile ; including equipment, $20,270 per mile. 

2. Consisting of 3 Locomotives ; 4 Passenger and baggage, and 33 Freight and 

service cars. 

3. City of Savannah, in bonds $1,000,000 

Contractors, in work 10,200 

For depot site at Savannah 10,200 

Individual subscriptions 255,501 

$1,275,901 

4. Due Jas. R. Scriven 68,739 

Bills payable 99,935 

Interest on Savannah bonds 11,947 

$180,622 

TRAFFIC FOR THE YEAR. 

Receipts from Passengers $18,472 

" freight 14.480 

" mails '757 

$33,709 

From which deduct expenses : 

Maintenance of way $8,582 

Repairs of equipment 4,640 

Transportation 14,069 

$27,291 

Net earnings $6,418 



208 capitalist's guide and railway annual. 

To which should be added the transportation of iron 
rails, estimated $17,000 



Making net earnings $23,418 

equal to about If per cent, on the cost of the road, and $426 per mile on 55 mile*, 
the average length operated. 



OFFICERS. 
James R. Scriven, President. "Wm. W. Habersham, Treasurer. 

Gasper J. Fulton, Superintendent. Nelson Tift, Engineer. 



KEOKUK, FORT DES MOINES AND MINNESOTA RAILROAD. 

From Keokuk, Iowa, to Des Moines City 156 miles 

Finished — from Keokuk to Bentonsport 38 miles. 

In progress — from Bentonsport to Keosauqua 8 " 

Located — from Keosauqua to Eddysville 50 " 

Projected — from Eddysville to Fort des Moines 60 " 

Total 156 miles. 

This road is designed to connect Keokuk, an important city in Southern Iowa 
(below the lower rapids), with the capital of the State, extending up the Des 
Moines valley. The amount expended upon the first division, between Keokuk 
and Bentonsport, for the fiscal year ending June 1, 1858, has been as follows : 

Graduation and masonry $286,014 

Ties, chairs, spikes and bridges 98,300 

Iron 265,515 

Tracklaying, depots, &c 54,465 

Expenses, freight and insurance 63,118 

Equipment 82,499 

Interest 84,791 

Discount 185,673 

$1,120,375 

Derived from the following sources : 

City of Keokuk, 8 per cent. 20 year bonds $400,000 

'•' " 10 " special tax, short bonds. .. . 150,000 

Countv of Lee 8 " 20 year bonds 150,000 

Individual stock , 221,449 

From earnings of the road 18,498 

$939,947 

Leaving a debt against the company of $180,428 

To meet this, and to aid in its extension, the company has issued 

upon 38 miles of road, at $15,000 per mile, 1st Mortgage Bonds. . . $570,000 

Deduct amount given for liquidating floating debt 16,000 

Leaving on hand $554,000 

These bonds bear an interest of 8 per cent., and the coupons are payable in 
New York in April and October. 



CLEVELAND, COLUMBUS AND CINCINNATI RAILROAD. 209 

The finances of this company are not in a condition to enable it to go on with 
the work beyond Keosauqua for the present If the road is carried up the valley 
to Fort Des Moines, it must be by substantial aid from the citizens along the 
line, and no faster than the requirements of the country demand. The time has 
gone by when grading and masonry can be done with city and county bonds, and 
the iron and rolling stock bought with a lien upon the road in the shape of 1st 
Mortgage bonds. If Congress certifies to the Des Moines Navigation lands 
granted to this company by the last Legislature of Iowa, then it will have a sub- 
stantial basis for carrying the road to the State capital These lands are very 
eligibly situated, constituting some four to five hundred thousand acres, and are 
the most fertile of any in the State. 

The gross earnings of the road for the year ending the 1st June. 

1858, were 857,395 

Operating expenses, same time 36,039 

Net earnings • $21,356 

Net inoome from gross receipts 37, ,20 per cent. 

" on cost of road and equipment 1,,91 " 

Deficiency in revenue to provide for interest on debt and running 

expenses $10,724 

Equal, upon the cost of the road, to 3,.64 " 

Net earnings on length of road operated $562 per mile. 

The company being unable, from its traffic returns, to provide for the accruing 
interest on its city and county debt, the burden has fallen upon the city of Keo- 
kuk and Lee county. The latter has responded promptly by levying a tax to 
meet the interest upon all the bonds issued to railroads, but the former has been 
unable to make provisions, owing principally to the enormous debt with which 
the city is overwhelmed, by giving her aid to railroads and expensive city im- 
provements. 



OFFICERS. 

H. T. Reid, President. Wm. Leighton, Secretary and Treas'r. 

S. D. Eaton, Sup't and Engineer. 

Directors. 

H. T. Reed, Charges Parsons, Wm. Tjmberman, 

D. W. Kilbourn, E. R. Ford, Jno. M. Hiatt. 

C. H. Perry. Edward Kilbottrn, 



CLEVELAND, COLUMBUS AND CINCINNATI RAILROAD. 

From Cleveland to Columbus, Ohio 135 miles. 

Connecting at Cleveland with the Lake Shore Railways for Dunkirk and Buffalo. 

" " Cleveland and Pittsburg Railway. 
r * " " " Mahoning " 

and Grafton with the Cleveland and Toledo Railway. 
Shelby with the Sandusky, Mansfield and Newark " 

Crestline " Pittsburg. Fort Wayne and Chicago " 
Galion " Bellefontaine and Indiana " 

18* 



210 capitalist's guide and railway annual. 

Connecting at Delaware with the Springfield, Mt. Vernon and Pittsburgh Railway. 
" Columbus " Dayton, Columbus and Xenia " 

" " " Central and Ohio " 

" • " " Columbus and Piqua " 

Few companies are able to make a more favorable exhibit than this company. 
Its advantages for revenue are exceedingly favorable, and with economical man- 
agement it must continue to be one of the best dividend-paying roads in the 
western states. 

Its whole debt is now but $38,000, having paid $50,000 Franklin County Bonds 
on the 1st January, 1859, from its cash means, leaving a balance of $38,000 con- 
vertible bonds, due 1st December, 1859. The surplus, after the payment of regu- 
lar dividends of five per cent, semi-annually, now amounts to $319,126, equal to 
6, ,72 per cent, upon the capital stock. 



Dr. 



' BALANCE SHEET. 
Fiscal Year ending December 31, 
Office, Cleveland, Ohio. 



1. Cost of road 

2. Cost of equipment 

Real estate not in con- 
struction account 

3. Materials and fuel 

4. Invested in other roads. 

" steamboats.. 
Delaware Co Bonds 

5. Due by other roads 

6. Debts due the company . 

7. Cash means 



$4,086,521 
692,692 

12,000 

115,882 

15,280 

7,500 

6,000 

55,204 

47,286 

374,526 



$5,402,891 



Capital stock 

8. Bonded debt 

9. Floating debt 

Dividend payable Feb'y, 

1859 

10. Surplus earnings 



Cr. 



$4,746,220 
88,000 
12,240 

237,305 
319,126 



$5,402,891 



1. $30,271 per mile, including equipment. 

2. Consists of 42 Locomotives ; 39 Passenger, mail and express cars, and 434 

Freight and stock cars. 

3. Machine and shop stock 

Fuel 

Old rails, chairs and spikes 

" wheels, &rc 



4. Columbus and Xenia Railroad stock 

Bellefontaine and Indiana *' " 

Indianapolis and Bellefontaine Railroad stock . , 
« " " " " bonds. 

Columbus and Xenia " " 



5. Loan to Cleveland and Mahoning Railroad Co 

C. C. and C. Cainesville and Ashtabula Railroad 

Company's joint account 

6. Bills receivable. 



31,442 
42,210 

11,640 

$5,550 

6,680 

1,050 

1,200 

800 

$24,000 
31,204 



$115,882 



$15,280 



$55,204 



7. Uncollected revenue 

P. O. Department 

Cash in hands of treasurer. . 

" " paymaster. 

Net earnings for December . . 



$43,303 
4,850 

275,193 

6,805 

44,375 



$374,526 



CLEVELAND, COLUMBUS AND CINCINNATI RAILROAD. 211 

3. Convertible bonds, due Dee. 1, 1859 $33,000 

Franklin Co. " " Jan. 1. " 50,000 

$38,000 

9. Dividends unclaimed $8,067 

Balances due other companies 4,173 

$12,240 

10. Contingent fund, Dec. 31 , 1857 $213,079 

Profit and Loss 5,603 

B-ilance Income 100,444 

• $319,126 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Gross earnings... 
Other receipts. . . 


1857. 


1858. 


Operating expen- 


$603,323 

19,926 

11,747 

474,610 

40,130 


$531,050 

474,610 
100,444 


$1,149,741 


$1,105,333 
771 


Taxe8 




Two Dividends.. 
Balance 






$1,149,741 


$1,106,104 


$1,149,741 


$1,106,104 



BUSINESS FOR THK PAST TWO YEARS. 

Fiscal year ending Dec. 31 1857. 1858. 

Gross earnings $1,149,741 $1,105,333 Dec. $44,408 

Expenses 635,001 534.931 " 100,040 



$514,740 $570,372 Inc. $55,632 



Net earnings 

Falling off in gross receipts in 1858, nearly 4 per cent. 
Increase in net earnings in 1858, nearly 11 " 

1857. 1858. 

Net income from gross receipts, per cent '. . 44, ,76 51, ,35 

on cost of road and equipm't per ct. 10, ,81 11, .90 

" on capital stock, per cent 10,,85 11,, 94 

Net earnings on length of road, per mile $3,813 $4,225 



Inc. 



6„59 

1„09 
1„09 

$412 



TABLE OF MONTHLY EARNINGS. 



1856. 1857. 



January $85,809 

February 68,821 

March I 102,360 

April I 116,951 

May ! 113,281 

June : 105,480 



$88,214 
74,366 

105,410 
95,245 
89,984 



1856. 



July, $100,180 

August, 121,190 

! September, , . . 136,347 

j October, j 126,122 

i November, ' 107,789 

i December, ! 96,924 



1857. 



$91,182 
114,517 

120,509 

100,323 

80,756 

80,952 



OFFICERS. 
L. M. Hubby, President. Geo. H. Russell, Secretary, 

S. Williamson, Vice President. Truman P. Handy, Treasurer. 



212 capitalist's guide and railway annual. 

Directors. 



L. M. Hubby, 
Amasa Stone, Jr. 
Stillman Witt, 
M. B. Scott, 



John Miller, 
Saml. Williamson, 
David Dows, 
E. S. Prosser, 



JNO. M. WoOLSEY, 

H. Williams, 
Alfred Kelley. 



BOSTON AND LOWELL RAILROAD. 

Main line, from Boston to Lowell 26$ miles. 

Woburn Branch, from Winchester to Wobarn Centre 2 " 

Total length 28£ mile*. 

It connects at Boston with the Boston and Worcester Railway. 

" " " " " Maine " 

" " " Eastern " 

Old Colony 

" " " Boston and Providence " 

" Winchester " Woburn Branch " 

" Wilmington " Boston and Maine " 

" Lowell " Lowell and Lawrence " 

" " " Salem and Lowell " 

" " " Nashua and Lowell " 

The two latter roads are leased to the B & L. Corporation, with the tracks of 
the Wilton and Stony Brook roads, operated by the Nashua and Lowell Com- 
pany. The Boston and Lowell Company receive 69 per cent., and the Nashua 
and Lowell 31 per cent, of the joint net income ; contract expires 1st April, 1860. 
The Salem and Lowell is paid $21,780 per annum. This lease runs for 20 years 
from Oct. 1, 1858. 

This is one of the oldest roads in the United States, and one of the first opera- 
ted in New England. It has paid, including the January dividend, 163^ per cent, 
upon its capital back to its stockholders from its earnings, leaving on 1st October, 
1858, $266,618 surplus, equal to 14,,60 per share upon the capital stock. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending September 30, 1858. 

Office, Boston. 



Cr. 



1. Cost of road and equip- 
ment 

Materials and fuel 

Sinking fund 

Debts due to the com- 
pany 

Cash 



$2,422,598 
' 73.297 


Capital stock 


$1,830,700 
440 000 


3. Floating debt 


21,965 

54,900 

5,727 

266,618 


45,750 

16,326 
61,239 


Dividend, January, 1859 

Contingent account 

Income account 


$2,619,210 


$2,619,210 



BOSTON AND LOWELL RAILROAD. 213 

1. Road $925,627 

Iron rails 266,308 

Woburn Branch... 39,366 

Engines and cars 192,638 

Depots 998,659 

$2,422,598 

Cost of road, $43,575 per mile ; including equipment, $50,855 per mile ; includ- 
ing equipment and real estate, $86,521, double track for 26 miles — making 
the cost, if reduced to a single track, equal to $46,579 per mile. 

Equipment consists of 20 Locomotives ; 39 Passenger and baggage, 437 Freight 
and 94 service cars. 

2. Bonds payable in 1873. 

3. BillsPayable $20,000 

Unclaimed dividends 1,965 

$21,965 



Dr. 



INCOME ACCOUNT. 



Cr. 





1857. 


1858. 




1857. 


1858. 


Operating ex- 






Surplus Dec. 1, 






penses 10 mos. 
Operating ex- 


$200,806 




$205,476 


$217,484 




Gross earnings, 




penses 12 mos. 




$205,953 


10 mos 


371,654 




Expense acc'nt. 


2,155 




Gross earnings, 






Interest 


29,457 


23,377 


12 mos 




384,691 


Two Dividends, 






Other receipts. . 


872 


3,573 


2 per cent .... 


73,200 


109,800 








One Dividend, 












due .Ian., 1858. 


54,900 










Surplus .... 


217,484 


266,618 j 










$578,002 


$605,748 


$578,002 


$605,748 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Sept. 30 *1857. 1858. 

Gross receipts $445,985 $384,691 Dec. $61,294 

Operating expenses 240,967 205,953 " 35,014 

Net earnings $205,018 $178,738 " $26,280 

* The fiscal year of 1856 being changed from November SO to September 30, 
the official earnings are for 10 months The compiler has estimated the receipts 
for October and November, 1856, so as to make the comparison complete for both 
years. 

The falling off in receipts for 1858 is about 13 per cent. 
The decrease in net earnings for 1858 is about 13 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 46 47 

" on cost of road, equipment and real 

estate, per cent 8,, 54 7,,44 

" on capital stock, after allowing for 

interest, &c , per cent 9, ,48 8„50 

Net earnings on length of road, per mile $7,322 $6,384 



Inc. 
Deo. 



1 

1„10 

98 

$938 



214 capitalist's guide and railway annual. 



F. B. Crowinshield, President. 
Geo Stark, Managing Agent. 



F. B. Crowninshield, 
George W. Lyman, 
Isaac Hinckley, 



OFFICERS. 

J. T. Stevenson, Treasurer. 

J. B. Winslow, Superintendent. 



Directors. 

J. G. Abbott, 
Wm. Minot, Jr, 
Wm. Amory. 



D. S. Richardson, 
Edward Spaulding, 
Onslow Stearns. 



MACON AND WESTERN BAILKOAD. 

From Maoon to Atlanta, Ga 101 mile*. 

Connecting at Macon with the Central Railway. 

" " " Southwestern Railway. 

" Forsyth " Thomaston " 

" Atlanta " Western and Atlantic Railway. 

" " " Georgia " 

" " " Atlanta and West Point " 

Previous to the year 1845, it was known as the Monroe Railroad, which, hav- 
ing been chartered with banking privileges, became embarrassed and sold. It 
was purchased by a New York company, the name changed, and the track im- 
proved and suqsequently extended to Atlanta, where it connects with the State 
road. These two roads are the connecting links in the great chain of railroads 
that unite Savannah with Memphis and Nashville. 

The road is managed with ability, and may be regarded as one of the best div- 
idend-paying corporations in Georgia. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending November 30, 1858. 



Cr. 



1. Cost of road I $1,500,000 

Materials and fuel I 59,400 

Unavailable assets | 14,281 

Doubtful " 13,387 

Good 62,405 



Capital stock ! $1,438,800 

Bonded debt i 96,000 

Floating debt j 6,75£ 

Profit and loss 107,917 



$1,649,473 



1. Road, equipment, consisting of IS Locomotives, 16 Passenger and 171 
Freight cars, depots, real estate and property of all kinds, equal to $14,851 
per mile. 



2. Bonds, due Sept'r 1, 
" Oct'r 1, 



Nov'r 1, " . 
Jan'v 1, I860. 
April 1, 1862. 



$46,000 

5,000 

10,000 

30,000 

5,000 



$96,000 



MACON AND WESTERN RAILROAD. 



215 



Dr. 


INCOME ACCOUNT. 


Cr. 




1858. 


Balance 


1858. 


Operating expenses 


$162,068 

6,370 

1,965 

115.104 

142,717 


$101,519 
325,192 


Atlanta passenger depot . . . 




1,273 

240 




Balance 


I 






$428,224 


$428^24 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiacal year ending November 30 1857. 1858. 

Gross receipts $291,979 $325,192 Inc 

Operating expenses 159,633 162,068 " 

Net earnings $132,346 $163,124 " 

Increase in gross receipts in 1858, 114 P er cent. 
. " net earnings " 234, " 

1857. 1858. 

Net income from gross receipte, per cent 45,,33 50,,01 Inc. 4,,68 

" " on cost of road, &c, per ct 8„82 10„87 

" " on capital stock, after allowing 

for interest, &c, per cent 8,,66 10„76 

Net earnings on length of road, per mile $1,310 $1,615 



$33,213 
2,435 

$30,778 



4, 
2„05 

2„10 

$305 



TABLE OF MONTHLY EARNINGS. 



January . 
February , 
March.. . 

April 

May 

June 



1857. 


1858. 


$22,805 


$22,207 


22,176 


23,383 1 


28,784 


26,191 i 


23,230 


25,035 


16,536 


20,905 


17,687 


18,059 I 



July 

August 

September. 
October. . . 
November. 
December . 



1857. 



$21,709 
37,086 
28,770 
22,791 
17,750 
24,884 



1858. 



$21,724 
29,374 
38,071 
41,494 
33,864 



RECEIPTS OF COTTON AT MACON BY THE MACON AND WESTERN RAILROAD. 

From 

Forsyth bales. 

Barnesville 

Griffin 

Jonesboro' 

Atlanta 

Other places 



1857. 


1858. 


2,678 


5,799 


2,772 


6,645 


13,045 


26,799 


1,838 


3,617 


26 


110 


3,703 


5,417 



24,062 



48,! 

24,( 



Increase in 1858 . 



OFFICERS. 

Isaac Scott, President. Ira H. Taylor, Secretary and Treas'r. 

Alfred S. Tyler, Superintendent. 



216 capitalist's guide and railway annual. 

Directors. 



Charles Moran, 
Drake Mills, 
Adam Norrie, 
Andrew Low, 



N. C. Munroe, 
J. B. Ross, 
Isaac Scott, 
Edward Padleford, 
Wm. A. Ross. 



Robert Collmes, 
J. C. Levy, 

Hk.NDLY VaRNER, 

S. Mowry, Jr. 



HAETFORD AND NEW HAVEN RAILROAD. 

Main line, from New Haven to Springfield, Mass 62 miles. 

Middletown Branch, from Berlin Junction to Middletown 10 " 

Total length 72 miles . 

Connecting at New Haven with steamboats for New York, running in connection 

with chis road. 
" " " with the New York and New Haven Railroad. 

" " " " New Haven, N. London & Stonington R. R. 

" " " " New Haven and Northampton " 

" " Berlin Junction " Middletown Branch ** 

" " Hartford " Hartford, Providence and Fishkill " 

«« " " " New York Steamboat Line. 

" " Springfield " Western, Mass., •« 

" " " " Connecticut River " 

The affairs of this company appear from the reports in a very satisfactory con- 
dition ; — easy in its finances", free from debt (except its coupon bonds), and has 
paid regular semi-annual dividends of five per cent, for several years past. It is 
an important connecting link for the through travel between New York and Bos- 
ton — the New York and New Haven, Hartford and New Haven. Western, and 
Boston and Worcester Companies composing the land route. 

A good deal of acrimony exists between this and the New York and New Haven 
Company, not only from the competition provoked by the latter in operating the 
Canal road, but in the settlement of the accounts with the New York and New 
Haven Company. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending August 31, 1858. 

Office, Hartford, Conn. 



Cr. 



1. Cost of road ! $3,105,046 

2. Cost of equipment I 254,000 

3. Real estate not in con- 

struction account 62,728 

4. Materials and fuel 113,550 

Tomlinson's Bridge sto'k 102,889 
Bonds of this company 

on hand 36,000 

Debts due the company . 74,022 

Cash 121,032 



$3,869,267 | 



Capital stock $2,350,000 

Bonded debt 1,000,000 



Floating debt, 

Contingent fund 

Reserved " 

Profit and loss account 



6,367 
217,049 
150,000 
145,851 



$3,869,267 



HARTFORD AND NEW HAVEN RAILROAD. 



217 



1. $43,126 per mile ; if reduced to a single track on the old line, of 36 miles, 

equipment included, $31,102 per mile. 

2. No details given. 

3. Lands, dwellings, &c, at and between Hartford and Springfield. 

4. Wood, stock and tools.— No details given. 



Dr. 




INCOME ACCOUNT. 




Ob. 




1857. 


1858. I 


Gross earnings 

Sales real estate . . . 


1857. 


1858. 


Operating expenses 

Interest on bonded 

debt 


$372,808 

55,423 
234,445 

131,815 


$306,855 
56,545 


$769,066 
425 

25,000 


$628,245 




236,210 ! for property sold. 

1,494 Tomlinson's Br. div- 

35.991 |i irlend 




Discount on bonds . 


8.850 




' 








$794,491 


$637,095 


$794,491 


$637,095 



BUSINESS FOR TBE PAST TWO YEARS, 

Fiscal year ending August 31 1857. 1858. 

Gross earnings $769,066 $628,245 Dec. $40,821 

Operating expenses 372,S08 306,855 " 65,953 

Net earnings $396,258 $321,390 " $74,868 

Falling off in gross receipts in 1858, about 18i per cent. 
Decrease in net earnings in " " 11 " 

1857. 1858. 

Net income from gross receipts, per cent 51, ,53 51, ,18 Dec. 0,,35 

" on cost of road and equip., pr.ct. 12,, 9,,58 " 2,,42 
" on Capital stock, after allowing 

for interest, &c, per cent 14| 11„41 " 3,, 09 

Net earnings on length of road, per mile . . . $5,503 $4,464 " $1,039 



OFFICERS. 

Charles F. Pond, President. Horatio Fitch, Sec'y and Treas. 

E. M. Reed, Superintendent. 



Charles F. Pond, 
Julius Catlin, 
Cornelius Vanderbilt, 



Directors. 

John A. Robinson, 
Thos. R. Trowbridge, 
Chester W. Chapin, 



James S. Brooks, 
A. G. Hazard, 
Sam'l H. Parsoxs. 



19 



2 IS capitalist's guide and railway annual. 



HOUSTON AND TEXAS CENTRAL RAILROAD, 

From Houston to Preston, on Red river, about 350 mile?. 

Finished, from Houston to Hempstead 50 miles. 

Graduation nearly completed, on the 3d section, of 25 " 

Under contract for graduation, on the 4th section, of 25 " 

Surveyed through Brazos, Robertson, Limestone, Navar- 
ro, Hill, Ellis and Dallas counties 150 " 

Not yet located, the remaining distance 100 " 

Total length 350 miles . 

This road, when completed, will extend from tide-water to the north boundary 
of the State at some point on the Red river, passing through a very fertile portion, 
upon which a large foreign population has already settled. 

The amount already expended upon the 50 miles finished, is $22,650 per mile. 
At this rate, the whole work will cost about $8,500,000 

The means applicable to its extension north of Hempstead are as 
follows : 

Stock subscriptions, unpaid $480,578 

Construction bonds 56,100 

Stock dividends of the city of Hempstead 22,018 

512,000 acres land, company's price $2 50 1,280,000 

$1,838,696 

Add already expended 1,132.747 

■ $2,971,443 

Apparent deficiency of means $5,528,557 

But as the road progresses, it not only increases its quota of lands under the 
grant from the State, approved January 30, 1852, but it becomes the recipient of 
State aid to the extent of $6,000 per mile, as will be seen by the following extract 
from the report of the company : 

" During the last session of the Texas Legislature, the act was so amended as 
to enable this and other companies to draw four sections, or 2,560 acres of land, 
per mile, on every mile of earth-work thrown up, without the requisition hitherto 
enforced, of laying the rails upon the same. The amendment also includes au- 
thority to draw $6,000 per mile, out of the fund set apart by the State, on every 
five miles of road constructed, and same number kept graded in advance, in lieu 
of ten miles, as hitherto. Both of these are important modifications, and enlarge 
the facilities so liberally endowed by our Legislatures." 

This, with the 10,240 acres per mile under the grant of 30th January, 1852, 
gives the company 12,800 acres per mile, yielding for the 350 miles of road 
4,480,000 acres. 



BALANCE SHEET. 

Dr. Fiscal Year ending May 1, 1858. Cr. 

]. Cost of road $1,132,747 2. Capital stock $1,070,123 

Due on account of sub- 3. Bonded debt 125,000 

scriptions 480,578 State of Texas 210,000 

Due for construction ; 4. Floating debt 128,205 

bonds 56,100 5. Other liabilities '■ 102,905 

Due by city of Hempst'd 22,018 > Income account ; 55,210 

$1,691,443 $1,691,443 



SPAETANBURG AND UNION RAILROAD. I 219 

1. Cost of road and property, including 10 miles of heavy grading beyond Hemp- 

stead, equal to $22,650 per mile. The equipment consists of"2 Locomotives ; 
3 Passenger, 60 Freight, and 7 Service cars. 

2. Paidin $511,427 

Unpaid 480,578 

Construction stock given for bonds 56,100 

Stock dividends in trustees' hands 22,018 

$1,070,123 

3. Bonds of the company, due 1866, at 7 per cent. 

4. Bills Payable $77,265 

Account's 50.940 

. $128,205 

5. Due T. W. Pierce, for rails, chairs, spikes, fee., against which, after being 

laid, the company will draw $90,000 from the State under act of August 
13, 1856, to be applied towards liquidating this claim. 

The gross receipts for the year ending April 30, 185S, were $76,957 

The operating expenses same period 39,105 

Net earnings $37,852 

Up to the 15th March, 1858, 35 miles of road was operated, and at that date 
15 miles more was opened, contributing largely to the receipts, which amounted 
in March and April to $23,631. 

The net income from gross receipts was 50,,81 per cent. 



OFFICERS. 
A. Groesbeck, President. Theodore Kosse, Chief Engineer. 

W. R. Baker, Sec'y and Treas'r. T. B. Chase, Superintendent. 

Directors, 

Wm. M. Rice, Ebenezer Allen, Harvey Balbwin, 

Paul Redmond, H. H. Allen, A. Groesbeck, 

T. W. Pierce, R. R. Peebles, W. R. Baker. 

W. A. Van Alstyne. J. W. McDade, 



SPARTANBURG AND UNION RAILROAD. 

From Alston, on the Greenville and Columbia Railroad, to Spartan- 
burg, S. C 68 miles. 

Car? running from Alston to Simsville 25 miles. 

Completed, from Simsville to Union C. H 15 " 

Graded, from Union to Spartanburg 28 " 

Total length 68 miles. 

The iron and materials were on hand to lay the track from Simsville to Union 
C H. in June, 1858, and the woi-k was to be completed on the 1st December fol- 
lowing, leaving 28 miles to be finished in 1859. 



220 capitalist's guide and railway annual. 

The following resources are applicable to its completion, and the payment of 
its indebtedness : 

Bonds of the company endorsed by the State of S. C $350,000 

Preferred stock bearing 7 per cent, interest 100,000 

Uncollected subscriptions 25,000 

$475,000 

Estimated cost of completing 43 miles of road $280,000 

" for rolling stock, &c 45.000 

Indebtedness of the company 150,000 

$475,000 

The preferred stock has been taken by the friends of the road along its line, 
payable on or before the 1st January, 1859, in cash, freights or materials. 

The road is to be opened to Spartanburg on the 1st July, 1859. The 25 miles 
operated not embracing a period of 12 months, the revenue and expenses from 
traffic are omitted. 



OFFICERS. 
Johx L. Young, President. 

Directors. 

S, Bobo, W. J. Keenan, T. B. Jeter, 

T. M. Lyles, F. Scaife, J. W. Miller, 

Goran Mills, S. N. Evins, Wm. Kirkwood, 

J. H. Carsen. Jas. Gelliam, John L. Young. 
T. N. Dawkins, 



ORANGE AND ALEXANDRIA RAILROAD. 

From Alexandria to Lynchburg, Va 170 miles. 

Branch to Warrenton 9 " 



179 miles. 

Finished — from Alexandria to Gordonsville 88 miles. 

" " Warrenton Junction to Warrenton 9 " 

Graded — from Charlottesville to Lynchburg 61 " 

To make the connection complete, the track of the Vir- 
ginia Central Company is used from Gordonsville to 

Charlottesville — distance 21 " 

Total distance to Lynchburg 179 miles. 

It connects at Alexandria with the Washington and Alexandria Railway. 

" " " " Richmond, Fredericksburg and Potomac line, 

and Potomac river steamboats. 

" Manassas Junction with the Manassas Gap Railway. 

" Warrenton " " Warrenton Branch " 

" Gordonsville " Virginia Central " 

This road is being extended from Charlottesville to Lynchburg, the resources 
of the company being sufficient to complete and stock the entire line without 
using the unsold 8 per cent, bonds. The grading is finished, with the exception 
of a few difficult points requiring 60 to 90 days, while tracklaying is going on. A 
large portion of the iron has been purchased, 1,200 tons delivered, and the remain- 



ORANGE AND ALEXANDRIA RAILROAD. 



221 



der to be on the ground by the 1st of April, 1859. The rails are now being laid 
from Charlottesville, and in March the work of tracklaying will be commenced 
from Lynchburg, so that a junction can be formed, and the cars running by mid- 
summer. When this is done, the distance from New York to Central Virginia 
will be shortened 16 hours, and the upper route through Tennessee must be the 
most expeditious for travellers going from New York to New Orleans. 



Ds. 



BALANCE SHEET. 
Fiscal Year ending Sejitembcr 30, 1858. 
Office, Alexandria, Va. 



Cr 



1. Cost of road to Gordons- \ 

ville 

2. Lynchburg extension. . . j 



f 9. Capital stock, old line. 
$2,046,421 10. Lynchburg extension.. 

l,897,889j 



"Wharf at Alexandria.. 
Materials and fuel 

3. Due on stock subscrip- 

tions 

4. Due by State of Vir- 

ginia 

5. Bonds of the company on 

hand 

6. Stock of the company on 

hand 

7. Debts due the company . 

8. Cash means. 



$3,914,310 4. State of Virginia. 
23,200 11. Bouded debt 



15,645 12. Floating debt 

13. " Lynchburg ex- 



19,225 

300,000 

729,500 

69,665 
16,975 
83,959 



$5,202,479 



tension. 
14. Profit and Loss. 



$1,457,500 
441,830 

j $1,8S9,330 

400.000 

i 2,200,000 

86,6S4 

271.340 
345.125 



$5,202,479 



1. Cost of road to Gordonsville and branch to Warrenton (97 miles), including 

depot buildings, equipment, &c, $21,097 per mile ; including discount on 
bonds, interest and other charges while in progress of construction, amount- 
ing to $396,762— $23,188 per mile. 
Equipment consists of 12 Locomotives, 15 Passenger, mail and baggage, 87 
Freight, and 9 Service cars. 

2. Construction, masonry, &c $1,462,242 



Engineering and right of way . 
Real Estate in Lynchburg. . . . 

Expenses 

Discount on bonds 

Interest on loans and coupons. 



3. State of Virginia. 
Individuals 



jess amount received. 



Still due.. 
5. Bonds, 6 per cent., unsold. 



6. Stock subject to redemption 

Preferred stock held by the company . 



19 : 



S3,670 

36.097 

16,206 

179,304 

120,370 




$212,500 
517,000 

$13,715 
55,950 



$1,897,889 
$19,225 

$300,000 

$729,500 

$69,665 



222 capitalist's guide and railway annual 

7. Debts due for freight bills $13,502 

Claim before Congress 3,473 

8. Cashin banks $14,759 

Virginia State stock, unsold 69,200 

9. Subscribed by Corporation of Alexandria $443,000 

" State of Virginia 664,500 

Preferred by Corporation of Alexandria 140,000 

" State of Virginia 210,000 

10. Individuals $413,634 

County of Amherst 50,000 

$463,634 

Less amount unpaid 21,804 

11. Bonds, 6 per cent. , 1st issue $612,500 

" 8 " 2d " 1,587,500 

12. Bills Payable $47,990 

Accounts 12,007 

Payrolls to September 30 21,770 

Balances due other roads 4,917 

13. Due contractors and engineers $119,407 

Bills Payable 149,902 

Rents, &c 2,031 

14. Balance profit and loss account $8,680 

Revenue fund for dividend 59,585 

Balance of income account 276,860 



$16,975 
$83,959 

$1,457,500 

$441,830 
$2,200,000 

$86,684 
§271,340 



$345,125 



Dr. 

Sept. 30, 1858. 

Operating expenses to 

date 

Expenses of southwest 

line 

Salaries and expenses . 

Office fixtures, &c 

Taxes 

Accidents and losses. . . 
Depots and engine 

houses 

Discount on bonds 

Interest on bonds and 

preferred stock 

Balance 



INCOME ACCOUNT. 



Cr. 



$563,906 

827 

66,096 

18,366 

13,653 

2,618 

15,200 
63,721 

217,109 

276,860 



$1,238,356 



Sept. 30, 1858. 

Gross earnings to date, 
Rents, &c 



$1,238,000 



$1,238,356 



NORTH PENNSYLVANIA RAILROAD. 



223 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending September 30 1857. 1858. 

Gross receipts $273,245 $258,895 Dec. 

Operating expenses 139,130 106,903 " 

Net earnings $134,115 $151,972 Inc. $17,857 

Falling off in receipts in 1858, about 5 4 per cent. 
Increase in net earnings in 1858, about 13 " 

1857. 1858. 

Net income from gross receipts, per cent 49,,09 58„06 Inc. 

on cost of road, &c, per cent 6„55 7„45 " 

" on old capital stock (after allow- 

ing interest on bonds, corporation and State 

debt, percent 1„55 2„77 " 

Net earnings on length of road, per mile $1,383 $1,567 " 



$14,370 
32,227 



8„97 
90 



1„22 

$184 



OFFICERS. 
John S. Barbour, Jr., President. James H. Reid, Treasurer. 



John S. Barbour, 
Henry Daingerfield, 



F. C. Atkinson, Superintendent. 
Directors. 

Hon. W. C. Rives, 
John "Willis, 
Henry Shackelford, 



Inman Horner, 
Robert A. Coghill.. 



N0KTH PENNSYLVANIA EAILKOAD. 

Main line, from Philadelphia to Lehigh river, opposite Bethlehem 55 miles. 

Doylestown Br., from Lausdale to Doylestown 10 " 

Total length 65 miles. 

Connecting at Philadelphia with the various roads diverging from that city. 
" Bethlehem with the Lehigh Valley Railway. 

This road passes through Montgomery, Bucks and Lehigh counties — old agri- 
cultural districts — but has not succeeded in controlling for Philadelphia the trade 
of the Lehigh Valley north of Mauch Chunk. The Quakake Railroad, which is 
a short connecting link between the Catawissa and the Beaver Meadow roads, was 
opened in August, 1858 ; but it has thus far contributed as much business for 
New York over the New Jersey Central, as for Philadelphia by this line. 

The coal trade over this road is as follows : 

1857. 1858. 

Tons. Tons. 

Carried through to Philadelphia 30,103 50,296 

Distributed along the line of the road 12,947 15,837 

Total 43,050 66,133 



224, 



CAPITALISTS GUIDE AXD RAILWAY ANNUAL. 



Of the $500,000 10 per cent, bonds, due in 1377, secured by a mortgage upon 
the rolling stock, and real estate not included in the general mortgage" $235,500 
still remains unsold, applicable to the requirements of the company in liquidat- 
ing its floating debt, providing for additional rolling stock and payment of past 
due coupons. The absorption of the earnings of the road, in preference to bor- 
rowing money at usurious rates, is the cause for paying the interest coupons in 
installments. 



BALANCE SHEET. 
Fiscal Year ending November 30, 1858. 
Dr. Office, Philadelphia. 


Ck. 


1. Cost of road 


14,987,321 

353,516 

454.410 
4:963 
6;354 

364,112 
27,135 

$6,197,816 


Capital stock 


$3,036,710 

2,714,500 

391,606 


2. Cost of equipment 

Real estate not in con- 
struction account 

Telegraph 

Trustees 


4. Bonded debt. . 


5 Floating debt 


3. Profit and loss 




Cash 






$6,197,816 



1. Cost equal to $76,723 per mile ; including equipment, $82,167 per mile ; in- 
cluding real estate and loss by the collision in July, $94,000 per mile. 

3. Consisting of 16 Locomotives ; 14 Passenger and baggage cars, and 96 Freight, 
338 Coal, 24 Lime, and 73 Service cars. 



3. Balance, from arrears of revenue 

Accident, July, 1856, represented by stock . 



$47,861 
316,251 



4. Mortgage bonds $2,500,000 



Chattel 



(10 per cents ) 



5. Bills Payable 

Ground rents and mortgages 

Unpaid coupons, No. 6 $522 

"7 47,898 

"8 75.000 



Accounts . 



214,500 



$183,260 
88.973 



$123,420 
953 



$364,112 



$2,714,500 



$391,606 



Dr. 



INCOME ACCOUNT. 



Cr. 





1S57. j 1858. 


Gross earnings.. . 
Other receipts 


1857. j 1858. 


Operating expen- 
ses 

Interest, paid 


$112,137i $134,823 
45,040 209,932 

$257,227 $344,755 


$248,784 $296,894 
8.443 47,861 

I 




*257,227j *3M,755 



BLUE EIDGE EAILEOAD. 



225 



BUSINESS OF THE ROAD I OR THE PAST TWO YEARS. 
Fiscal year ending November 30.. . 1857. 1858. 



Gross receipts. 
Operating expenses. 



$248,784 
112,187 



$296,894 
134,823 

$162,071 



Net earnings $136,597 

Increase in receipts in 1858, about 20 per cent. 
" net earnings " "15 " 

1857. 1358. 

Net income from gross receipts, per cent 54,, 98 54,, 80 

" on cost of road, equipment, real es- 

tate, and loss by accident, per 

cent 2„27 2„69 

Deficiency from income to meet interest and op- 
erating expenses of road on capital stock, per 

cent 1„32 1„60 

Net earnings on length of road, per mile $2,101 $2,494 



Inc. 



$48,110 
22.636 

$25,474 



Dec. 

Inc. 



28 
$393 



TABLE OF MONTHLY EARNINGS. 



January . . 
February , 
March . . . 

April 

May 

June. 



1856. 


1857. 


1858. 


$3,319 


$7,181 


$19,139 


3,210 


12,141 18,902 


4,128 


17,039| 25,889 


4,899j 19.358i 25,243 


6,959| 22,941) 23,617 


8,536 


23,656 


32,102 I! 



July 

August 

September. . 
October 
November . . 
December. . . 



1856 



58.404 
8,042 
6,874 
7,628 
7,961 
7,655 



1857. 1858 



$26,040! $25,033 
29,7931 29.160 
30,368| 28;377 
28,845] 31,217 
28,766 26,541 
21.674 



OFFICERS. 



Franklin A. Cornly, President. 
Edward Armstrong, Secretary. 



William Wister, Treasurer. 
S. W. Roberts, Superintendent. 



John Brock, 
A. S. Roberts, 
S. M. Waln, 
Elwood Shannon. 



Directors. 

Wm. L. Hirst, 
John Kessler, Jr. 
John Jordan, Jr., 
J. G. Fell, 
Wm. C. Ludwig. 



Edward C. Knight, 
Harry Conrad, 
Peter Fritz, 
F. A. Cornly. 



BLUE RIDGE RAILROAD. 



From Anderson C. H. to Knoxville, Tenn 195mile«. 

PROGRESSING. 

The finished portion, from Anderson to Pendleton (13 miles), is operated by the 
Greenville and Columbia Railroad Company. From Pendleton to the Georgia 
State line, the distance is 39 miles. Three-quarters of the grading, one-third of 
the tunnel excavation, three-fourths of the drain, and one-fourth of the bridge 



226 capitalist's guide and eailway annual. 

masonry, are finished ; also. 10 miles of track laid. From the Stare line to Clay- 
ton, in Rabun county, Georgia, the distance is 1 L miles. On this line, about two- 
fifths of the grading, one-seventh of the tunnel excavation, two-thirds of the 
bridge masonry are completed. The length of road in South Carolina and Geor- 
gia comprise about 30 per cent, of the entire line, but will cost 58 per cent, 
of the whole estimate, there being no less than five tunnels — 6,864 feet in South 
Carolina, and 4,366 feet in Georgia. 

In this distance of 50 miles, there is perhaps no part of the United States that 
presents so many natural obstacles for the preparation of a road-bed ; and almost 
the only pass through which a track can be laid is the celebrated Rabun gap in 
the Blue Ridge Mountain, made by one of the sources of the Tennessee river. 

The means of the company on the 1st November, 1858, were as follows : 

Capital Stock — Subscription of city of Charleston $786,750 

" State of S. Carolina.. . . 800.000 

to Pendleton Railroad Co . 62,056 

" from individuals 38,771 

$1,687,577 

Mortgage bonds of the company $217,577 

Knox county (Tenn.) bonds 52,071 

" " stock subscription 176,867 

$446,515 

$2,134,092 
There has been expended to 15th November, 1858 : 

Construction $2,126,539 

Less reserved on contracts 53,844 

$2,072,695 

Surplus means on hand $61,397 

The following are the resources of the company for the further prosecution of 
the work : 

City of Charleston, balance of subscription $262,250 

State of S. Carolina (since paid), balance of subscript'n . 200,000 

Individual subscriptions in South Carolina 239,929 

" " " Georgia 3.600 

" " " North Carolina 55,400 

County and individual subscriptions in Tennessee 184,000 

Bonds to be guaranteed by State of South Carolina on 

certain conditions 1,000,000 

State bonds of Tennessee for iron, rails and bridges 640,000 

1st Mortgage bonds of the company unsold 1,308,000 

$-j,8yo,i79 

Total resources $3,954,576 

The estimate of the engineer, Col. Gwynn, for the 

195 miles of road from Anderson to Knoxville, is $7,575,677 

Workshops, engine and car houses 150,000 

Equipment 966,000 

$S,691,677 
Deduct already expended $2,134,092 

$6,557,585 

Ueficiency of means $2,603,009 



CINCINNATI, HAMILTON AND DAYTON RAILROAD. 227 

Bt&TANCfcS FROM ( H.VRLE3TON, P. C, TO CINCINNATI, OHIO. 

Via Memphis, South Carolina Railroad to Augusta 137 miles. 

Georgia " Atlanta 171 " 

Western and Atlantic Railroad to Chattanooga 138 " 

Nashville and Chattanooga " Stevenson 38 " 

Memphis and Charleston " Memphis 271 " 

Steamboats on Ohio and Mississippi river3 to Cincin- 
nati 717 <: 

Total .' 1,472 miles . 

Via Nashville, Railroad as above to Chattanooga 446 miles. 

Nashville and Chattanooga Railroad to Nashville .. . 151 " 
Steamboats on Cumberland and Ohio rivers to Cin- 
cinnati 648 " 

Total 1,245 miles. 

Via Knoxville, South Carolina Railroad to Columbia 130 miles. 

Greenville and Columbia Railroad to Anderson C. H. 127 " 

Blue Ridge Railroad to Knoxville 195 " 

Cumberland Gap " State line 60 " 

Kentucky State line Railroad to Danville 130 " 

Danville Railroad to Covington 146 " 

Total 788 miles. 

The route usually travelled is that through Memphis — the saving of distance, 
therefore, is 684 miles, nearly one-half — a matter of great importance to the com- 
merce and trade of Charleston. The liberal policy of Tennessee to railways, in 
furnishing State aid for iron rails and bridges, will secure the construction of the 
Cumberland Gap road, and but little doubt is felt in obtaining further contribu- 
tions from the State of South Carolina, if the line through Kentucky meets with 
the liberal support that has been extended to it in Charleston and throughout the 
upper districts. That part of Kentucky through which the road would pass from 
Danville to Knoxville would be greatly benefitted by a railroad, and her citizens 
would doubtless contribute towards its construction if the commonwealth would 
lend her aid to works of public improvement, as Virginia and Tennessee have 
done. 



CINCINNATI, HAMILTON AND DAYTON EAILrOAD, 

From Cincinnati to Dayton, Ohio 60 miles. 

Connecting at Cincinnati with the Railways diverging from Cincinnati. 
" " Covington and Lexington Railway. 

" " " Steamboats on the Ohio river. 

Hamilton " Ohio and Indiana Railway. 

" " Eaton, Hamilton and Richmond Railway. 

" " roads diverging from Dayton. 

This company had on deposit with the Ohio Life and Trust Company, at the 
time that institution failed, $69,456, which had been provided for the payment of 
the dividend scrip due in September, 1857. The amount, which is drawing 7 per 
cent, interest, is said to be secured, and will be available in September, 1859. 
The surplus earnings have been applied to the extinction of the scrip issued for 
dividend No. 5, with interest ; the purchase of real estate, and constructing a 



228 capitalist's guide and railway annual. 

track for the Ohio and Mississippi connection ; and 1st Mortgage Bonds for the 
Sinking Fund. The October, 1858, dividend was passed with a view to permit 
the company to entirely relieve itself from debt in accordance with the views of 
the Board as well as from the sentiments of the shareholders. By this time the 
company must be entirely free from its floating debt, and there can be no good 
reason to doubt its ability to make regular semi-annual dividends from and after 
April, 1859. 



BALANCE SHEET. 
Fiscal Year ending September 30, 1858. 



Dr. 


Office, Cincinnati, Ohio. 


Ca. 




$2,648,296 
506,292 




$2,155,800 

1,427,000 

126,581 


2. Cost of equipment 

Real estate not in con- 


7. Bonded debt 




8. Floating debt 


struction account 


264,794 


Renewal account 


5,830 


3. Property " 


302,076 


Surplus income 


265,445 


Materials and fuel 


32,396 






Invested in steamboats . . 


52,718 






Stock of this road 


3,000 






4. Due by other roads 


50,105 






5. Debts due the company . 


66,978 






6. Cash means 


51,901 






Sinking fund 


2,600 








$3,981,156 


$3,981,156 



1. Including double track from Cincinnati to Hamilton, equal to $43,852 per 

mile ; with equipment and real estate, $56,516 per mile. If reduced to a 
single track, the cost of the road, equipment, &c, would be $45,213 per mile. 

2. The equipment consists of 23 Locomotives, 37 Passenger and baggage, and 399 

Freight cars. 

3. Total value of real estate is estimated at $500,000, a portion of which can be 

sold at a profit. 

4. Saml. Henshaw, Treas. Mad River and Lake Erie 

Railroad Co $28,500 

From Railroad companies 21,605 



Bills Receivable . 
Accounts 



$61,735 
5,243 



6. Cash and cash items 

Due from Post Office Department. 



7. 1st Mortgage Bonds, due in 1867. 
2d " " ' " 1880. 



$50,023 
1,878 



$50,105 



$66,978 



$51,901 



8. Bills Payable .. 

♦Interest on bonds 

Unpaid dividends 

Due railroad companies. . 

" individuals 

Pay rolls for September. 



$477,000 
950,000 

$34,287 
37,570 

3,036 
37,404 

8,570 
11,712 



$1,427,000 



$126,581 



* The ownership of a portion of the 2d Mortgage bonds, being in dispute, the 
company has been served with a notice not to pay the interest— hence the item of 
" Interest on bonds." 



PHILADELPHIA AND BEADING RAILROAD. 229 



BUSINESS FOR THE PAST TWO AND A HALF YEARS. 

12 mos. ending 12 mos. ending 6 mos. ending 6 mos. ending 
March 31, 1857. March 31, 1858. Sept. 30, 1857. Sept. 30, 1858. 

Gross receipts... . $555,709 $487,421 $262,585 $224,371 

Expenses 267,112 226,658 145,182 109,485 

Net earnings. $288,597 $260,763 $117,403 $114,886 

Falling off in receipts for 12 mos. ending 31st March, 1858, about 12o per cent. 

" 6 " " 30thSept'r, " " 15 
Decrease in net earnings 12 " " 31st March, " " 9 " 

" 6 " " 30thSept'r, " " 2 

1857. 1858. 

Net income from gross receipts, per cent 49,,62 52,,76 Inc. 3,, 14 

" on cost of road, equipment, and real 

estate, per cent 8„23 7„85 Dec. 38 

" on capital stock, after allowing for 

interest on debt, &c, per cent 9,, 14 S„22 " 92 

Net earnings on length of road, per mile $4,511 $4,174 " $337 



OFFICERS. 

S. S. L'Hommedieu, President. F. H. Short, Treasurer. 

George Carlisle, Vice President. D. McLaren, Superintendent. 

Directors. 

S. S. L'Hommedieu, Stanley Mathews, Jacob Schaffer, 

George Carlisle, John W. Ellis, E. J Miller, 

John C. "Wright, Geo. H. Hill, Joseph B. Varnum. 



PHILADELPHIA AND BEADING EAILK0AD. 

Main line, from Philadelphia to Pottsville, Pa 93 miles. 

Coal Branch, from Schuylkill river to Richmond, Pa 5 " 

Lebanon Valley Branch, from Reading to Harrisburg, Pa 54 " 

Total length , 152 miles. 

This road owns no coal properties, nor docs it work any on lease or royalty. It 
is a coal-transporting road — iour-fifths of its revenues being derived from carrying 
coal from the Schuylkill basin to the Delaware river. 

Its coal tributaries are the Mt. Carbon and Port Carbon, Valley and Mill 
Creek, and Mt. Carbon Railroads at Mt. Carbon ; the Mine Hill and Schuylkill 
Haven Railroad at Schuylkill Haven ; the Dauphin and Susquehanna Railroad 
at Auburn ; and the Little Schuylkill Railroad at Port Clinton. 

Its passenger connections are with the various railways diverging from Phila- 
delphia, and at 

Norristown with the Chester Valley Railroad. 
Reading " Lebanon " " 

Cornwall " Coal road to Cornwall Railroad. 

Harrisburg " Pennsylvania " 

20 



230 capitalist's guide and railway annual. 

Port Clinton with the Catawissa, W. & Elmira Railway. 
Auburn " Dauphin & Susquehanna " 

Pottsville " Danville and Pottsville " 



Da. 



BALANCE SHEET. 

Fiscal Year ending November 30, 1858. 

Office, Philadelphia. 



Ca. 



1. Cost of Re- 
ading r'd $14,449,399 

Lebanon V. 
railroad . 4,415,976 

Willow St. 


$18,965,375 
3,123,490 

1,702,515 
20.530 
421,474 
291,533 
545.910 
202,615 


7. Capital stock 

8. Bonded debt 


$11,737,041 
11,679,500 
516,450 
955,893 
273,244 
111,314 


9. Bonds and mortgages. . 
10. Floating debt 


railroad . 100,000 








2. Cost of equipment 

Real estate not in con- 
struction account 

Telegraph stock 

3. Materials and fuel 

4. Stocks and bonds 

5. Debts due the company . 










$25,273,442 


$25,273,442 



1. Cost of 152 miles of railroad, $124,772 per mile ; with equipment, $151,900 per 

mile ; including equipment and real estate, $156,522 per mile. The line to 
Pottsville having a double track, the whole cost for the Reading and Leb- 
anon Valley roads, equipment, real estate, depots and property of every de- 
scription, if reduced to 250 miles of single track, is, $95,165 per mile ; and in- 
cluding 70 miles of coal track and sidings, $74,348 per mile. 

2. Consists of 142 Locomotives, 4,709 Coal cars, 925 Freight cars, 58 Passenger 

and baggage cars, 25 Stationary steam engines, 8 Snow ploughs, 1 Dredging 
machine, 32 Carts, wagons and drays, 2 Small passenger cars for use of city 
road, and 67 Horses. 



3. Held in 1857. 
1858. 



4. Held in 1857. 
1858. 



5. Debts due the comp'y, secured partly Jby real estate. 
Less probable loss 



Collectable 

Debts accruing from new business. 
Bills receivable " 



$561,474 
421,474 

Decrease $140,000 



$393,285 
291,533 

Decrease 

*$595,274 

117,880 

$477,394 
29,721 
38,795 



* Reduced from $930,666 in 1856, and $678,991 in 1857. 



6. Cash 

Uncollected revenue. 



$67,496 
135,119 



$101,752 



$545,910 



$202,615 



PHILADELPHIA AND READING RAILROAD. 



231 



Old stock. 
Additions. 



1855. 
$9,054,267 
577,362 



1856. 



$9,631,629 
4.000 



Lebanon Valley Railroad . 



1857. 



$9,635,629 
361,500 



1858. 



$9,997,129 



Preferred stock 1,551,800 



Sinking fund stock. 



188,112 



8. Convertible bonds, due 1860, 6 per cents. 
(< « << « g a 

" " 6 " 

Unconvert. " " " 5 " 

« " 6 « 



$886,000 

134,000 

85,000 

705,600 

1,572,800 



$11,737,041 



Total due in 1860 $3,383,400 



Convertible bonds due in 1886. 

Leb. V. bonds due in 1886. 
Unconvertible bonds, due in 1870 



3,586,500 
1,500,000 
3,209,600 



9. Bonds and mortgages upon real estate. 

Added this year 

Less paid this year 



$14,000 
2,000 



10. Bills payable 

Accounts. 

Coupons due 1st January, 1859 

Interest on real estate bonds 

Wages, materials, bills, drawbacks, and dues to con- 
necting roads 

Deferred dividends, due to holders of preferred stock 



11. Aggregate in 1856, $19,493 ; in 1857, $73,244 ; in 1858, $273,244. 

12. Balance of net profits for 1858, see income account.. $111,314 





$11,679,500 


$504,450 




12,000 


$516,450 


$215,704 

158,931 

366,213 

10,457 




109,408 
155,180 


$955.89$ 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Gross earnings : 

Travel 

Freight 

Coal 


1857. 


1858. 


Operat'g expen- 


$l,481,74c 

120,00? 

419,466 

164,219 

90,019 

447,497 

46,554 

56,344 

100,000 

133,669 


$1,199,798 

182,922 ! 
739,701 ! 

108,626 

18,389 

150,000 

111,314 


$287,534 

329.986 

2,412,923 


$272,680 


Renewal fund.. 


335,915 
1.865.603 


Back interest. . . 

Bal. renew'l fnd 

One dividend on 
common stock, 
4 per ct. 

Div. on preferd. 


Mails, &c... 


35,078 36,462 


$3,065,521 


$2,510,750 


Sinking fund. . 
Reserved fund. . 






$3,065,521 


$2,510,750 


$3,065,521 


$2,510,750 



232 capitalist's guide and railway annual. 



ANALYSIS OF THE BUSINESS FOR THE PAST THREE YEARS. 



Fiscal year ending Nov. 31 1856. 

Gross receipts $3,913,742 

Expenses 1,824,357 



1857. 1858. 

$3,065,521 $2,510,750 

1,481,745 1,199,798 



Net earnings $2,089,385 $1,583,776 $1,310,952 

Decrease in gross receipts in 1857 over those of 1856 21f per cent. 



net earnings 
gross receipts 
net earnings 
gross receipts 
net earnings 



1858 



1857. 

cc 

1856." 



Decrease in transportation of Coal in 1857 over those of 1856. 



1858 
1S58 



1857. 
1856. 



25i 

174 
36 



379,212 Tons. 
167,086 " 
546,298 * 



Price for transp'n of Coal in 1856. pr. ton. 155.. 22 

1857 " 141..13 

1858 " 120'94 



Cost to 
the road. 
57,, 77 
60,.43 

49! ,81 



Net profit 
per ton. 
97„45 
80„70 
71.,13 



1856. 1857. 

Net income from gross receipts, per cent 53.,40 51. ,30 

on cost of road, &c. , " 10„90 8„28 

" on old stock, after allowing for interest on 
debt, renewal fund, sinking fund, taxes 

and dividend on preferred stock, pr. ct. 9„73 5,,39 

Net earnings on length of road, per mile $20,893 $15,837 

" " Lebanon V. R. R., per m 



52„44 
5„51 



1„11 

$11,897 
L804 



TABLE OF MONTHLY EARNINGS. 



1856. 



1857. 



1858. 



January .... $137,642 $122.964!$103,492 
February...; 190,2201 196,745j 116.687 
March i 261,460! 224.3041 168,102 



April ! 410,481 

May { 348,512 



285,164' 203.965 
285,1231 216.784 



i 1856. ; 1857. 1858. 

Julv $363,498 $317.823,$257,455 

August ! 388.339 29S;546l 247,069 

September..: 457,285 240,1521 254,740 
October.... 448,2*1 213,530| 269,464 
November . . 316.081 245.8231 242.052 



June..' 1 384^840' 317^877: 207^573 * December. '. .' 3171470 223',367 









MONTHLY COAL TONNAGE. 






Tons. 




Tons. 



1856. ; 

61,691 

94,687 

131,121 

AprU I 214,021 

May I 216,991 

June I 218,870 



January . . 
February . 
March — 



1857. j 1858 



52,135; 
105.756i 
112,907 
152,461 

163,980 
188.306 



47,274 

58.390 

89J37 

129,171 

138,953 

137.049 



! 1856. 

July 202,348 

August 216,463 

September.. 236,933 

October 233,175 

November . . 167,226 

December. . . 167.217 



1857. 



1858. 



188,406 
175.969 
135;903 
118,472 
148.181 
13L674 



170,988 
157.188 
155;S23 
170,436 
155,764 



PHILADELPHIA AND READING RAILROAD. 



233 






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13,224 
27,733 

29,941 

47,232 

74,916 

92,430 

80,764 

76,245 

97,750 

99,027 

119,696 

214,134 

201,205 

233,572 

197,833 

151,493 




c<N-^'^OTf^ege<ioccc-*c5coc<i^-i(N 


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Miles. 
393,192 
613,041 
810,285 
1,014,102 
1,184,272 
1,136,572 
1,047,014 
1,233,144 
1,461,772 
1,517,931 
1,466,894 
1,674,403 
1,948,225 
1,942,317 
1,707,366 
1,570,482 


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4a oo 

41.08 
37.01 
38.89 
45.84 
45.05 
4362 
40.69 
38.54 
35.36 
35.07 
41.06 
33.61 
35 21 
36.03 
i 27.74 


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No. 

56,554 

66,503 

63,719 

88,641 

97,463 

105,720 

95,577 

92,726 

127,590 

155,164 

211, SI 9 

266,631 

277,617 

282.300 

291,679 

285,651 


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2,000 lbs. 
322,125 
659,299 
1,046,812 
1,515,473 
1,770,916 
1,570,531 
1,429,564 
1,743,680 
2,145,132 
2,122,171 
2,076,197 
2,582,563 
2,909,667 
2,815,760 
2,326,706 
2,126,881 


4 


2,000 lbs. 
54,787 
160,138 
102,408 
101,471 
165,493 
118,676 
145,503 
157,450 
219,731 
181,217 
174,161 
187,591 
247,478 
236,700 
182,512 
170,603 




2,000 lbs. 

17,534 

20,472 

26.039 

74,971 

71,718 

58,123 

51,204 

63,625 

63 807 

75,769 

107,853 

140,801 

154,384 

198,886 

184,617 

187,729 


I 

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2,240 lbs. 
218,711 
421,981 
814,279 

1,188.258 
1,360,681 
1,235,044 
1,097,762 
1,351,507 
1,650,270 
1.650,912 
1,582,248 
1,987,854 
2,213,292 
2,088,903 
1,709,692 
1,542,646 






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236 capitalist's guide and railway annual. 

officers. 

R. D. Cullen, President. Samuel Bradford, Treasurer. 

J. D. Steele, Vice President. Wm. H. McIlhenny, Secretary. 

Managers. 

Samuel Norris, John Ashurst, M. S. Richards, 

G. W. Richards, David S. Brown, J. D. Steele. 



MISSISSIPPI CENTRAL RAILROAD. 

From Canton to Grand Junction, on Memphis and Charleston R. R. 188 mile*. 

In operation, North Division, from Grand Junction to 

Water Valley.. . . 72 miles. 
" South M " Canton to Goodman 28 " 

Under contract " Goodman to Water 

Valley 88 " 

Total length 188 miles. 

The completion of this road will furnish an unbroken line by railway from New 
Orleans to Bangor, Maine, and will add materially to the value of real estate in 
central Mississippi, north of Canton. Some of the richest cotton lands on this 
oontinent are to be found along the line of this road, which must secure for it a 
permanent freighting business for all time to come. Its principal tributaries are 
the Memphis and Charleston, and New Orleans, Jackson and Great Northern 
roads, both now in successful operation. 

The iron has all been secured for the unfinished portion, and the company has 
enough on hand to lay twenty miles of additional track. The planters along the 
line are liberal with tLeir aid, and are determined to have the work completed in 
time to take away the next crop. 

There has been expended thus far on the line, $2,585,318 ; leaving 88 miles to 
be completed, at an estimated 

Cost for work between Water Valley and Coffeeville. .. $19,861 
" " Coffeeville and Grenada, includ- 
ing Yalobusha bridge 45,242 

" Grenada to Shangalo 99,221 

" Shangalo to Goodman 107,125 

« Local work $271,449 

" iron, spikes, fastenings and tracklaying, from 
Water Valley to Goodman, including iron rails 

and materials on hand 483,060 

" of additional motive power 256,500 

" of depot buildings, engine houses, machine shops, 

water stations, &c 51,200 

" engineering and contingencies 20,000 

$1,082,209 

Total cost of the road and equipment $3,667,527 

or $19,503 per mile. 



MISSISSIPPI CENTRAL RAILROAD. 



237 



The assets of the company, applicable to the liquidation of the floating debt 
and completion of the road, are as follows : 

Cash, bills receivable, &c, in treasury $36,037 

Uncollected stock subscriptions 252,678 

Balance from State of Mississippi, Chickasaw fund 18,150 

Estimated proceeds of Internal Improvement Lands. . . 65,000 

" net income from road the present fiscal year. 175,000 

First Mortgage Bonds of the company, unsold 1,087,000 

$1,633,865 
From which deduct unreliable subscriptions to capital 
stock 60,000 

Total available resources $1,573,864 

Add amount already expended 2,558.318 

4,132,182 

Excess of means $464,655 



Dr. 



BALANCE SHEET. 

Fiscal Year ending May 1, 1858. 

Office, Holley Springs. 



Cr. 



1. Cost of road 

2. Cost of equipment 

Real estate not in con- 
struction account 

3. Other assets. 



$2,351,271 
171,507 

62,540 
36.037 



$2,621,355 



Capital stock, par value. 

4. Bonded debt 

5. Floating debt 

Sinking fund 

Reserved fund 

Surplus 



$1,575,474 

535,579 

379,916 

670 

11,301 

118,415 



$2,621,355 



1. Graduation, grubbing and clearing. 

Iron rails, chairs, spikes, &c 

Bridges, tressels and culverts 

Engineering account 

Cross-ties, road-crossings, &c 

Right of way 

Tracklaying 

General expense account 

Salaries and miscellaneous 

Discount, interest, commissions, &c. 



$968,976 

785,059 

133,510 

111,045 

98,242 

18,109 

67,747 

11,666 

74,697 

82,220 



$2,351,271 
»qual to $23,513 per mile ; including equipment and real estate, $25,853 per mile. 

2. On both divisions, 8 Locomotives ; 9 Passenger, baggage and mail cars, 107 

Freight and 22 Service cars. 

3. Cash, bills receivable, and other available assets in the treasury. 



4. Company's bonds 

Tennessee State bonds 

Three per cent, fund 

Chickasaw School Fund (State Mississippi). 
N. O., Jackson, and G. N. R. R. Co 



5. 



Bills payable 

Accounts on demand. 



$262,780 
$45,000 

20,947 
181,850 

25,000 



$299,668 
80,248 



$535,579 



$379,916 



TRAFFIC ACCOUNT. 

Gross earnings, on Northern Division $108,580 

" " Southern " 3mos 7,099 

$115,679 

Operating expenses 51,978 



Net earnings, average 55 miles operated $63,701 

Add interest and exchange received 12,639 

Balance profit and loss account, April 30, 1857. . 42,075 

Total surplus $118,415 

The net income from gross receipts was about 50 per cent. Upon its comple- 
tion, the Mississippi Central must do a large local business ; — the quantity of cot- 
ton annually produced within twenty miles each side of the road, ranges from 
180,000 to 200,000 bales, nearly all of which must find its way to market by thig 
route. 



OFFICERS. 

Walter Goodman, President. A. J. McConnico, Secretary. 

W. F. Mason, Treasurer. 
E. G. Barney, Supt. of N. Div. E. D. Frost, Supt. S. Div. 

Directors. 

Walter Goodman, C. M. Varden, P. R. Leigh, 

A. M. Clayton, A. M. West, G. F. Neil, 

James Brown, M. M. Pegnes, Wm. Boath, 

A. S. Brown, H. Torrance, E. Taylor. 

J. R. Davis. 



OLD COLONY AND FALL RIVER RAILROAD. 

Old Colony Road, from Boston to Plymouth, Mass 37 miles. 

Fall River line, from South Braintree to Fall River 43 " 

Abington Branch, from South Abington to Bridgewater 8 " 

Total 88 mile*. 

Connecting at Braintree with the South Shore Railway. 

Middleboro' " Cape Cod 

" My rick's " Taunton Br. " 

" Fall River with the steamers Metropolis, Empire State, and Bay 

State, composing the Fall River line, from pier No. 3, North 
River, New York. 
" Fall River, also, with steamers for Newport and Providenoe. 

This company operate the Dorchester and Milton Railway — distance three 
miles — for an equal division of the gross receipts, furnishing its own rolling stock. 
Its finances are in a flourishing condition, and, besides a large surplus, equal to 
14,,92 per cent, upon its capital, it has $161,513 invested in its own stock, and a 
large amount of available property not required for the use of the road. For 
several years the semi-annual dividends have been 3 per cent. each. 



OLD COLONY AND FALL RIVER RAILROAD. 239 



Dr. 



BALANCE SHEET. 

For Fiscal Year ending November 30, 1858. 

Office, Boston. 



Or. 



Cost of road and equip- 
ment 

Real estate not in con- 
struction account 

Materials and fuel 

Debts due the company. 

Stock of this road bought 
as an investment 

Cash means 



$3,362,949 

2,628 

110,318 

90,862 

161,513 

20,700 



$3,748,970 



Capital stock 

Bonded debt 

Floating debt 

Dividend payable Jan'y 

1, 1859 

Contingent fund 

Income account 



$3,015,100 

161,500 

30,935 

90,453 

1,337 

449,645 



$3,748,970 



1. Graduation and masonry 

Bridges 

Iron and superstructure 

Land damages and fences 

Engineering 

Expenses 

Equipment 

Stations, buildings and fixtures. 
Abington Branch 



$491,340 

99,439 

877,046 

851,051 

353,366 

2,755 

334,503 

295,565 

129,099 

$3,434,164 

Less amount charged off for deterioration 71,215 

$3,362,949 

or about $38,654 per mile ; if reduced to a single track, $34,679 per mile. 

Equipment consists of 25 Locomotives ; 61 Passenger and Baggage, and 324 

. Freight and Gravel cars. 

Embraced in the item " Land Damages and Fences," is the following real es- 
tate not required for the use of the road : 

"Wharf at South Boston, land on Harrison avenue, land and houses on Swan 
Court, land at Quincy, Braintree, Plymouth, North Bridgewater, Bridge- 
water, Middleboro', and laud and house at North Abington, valued in the 
aggregate at $204,340. 



2. Bills Receivable. 
Accounts 



3. Post Office Department. 
Uncollected freight bills. 
Cash 



Due connecting roads 

" in superintendent's department . 

Bills Payable .. 

Unpaid dividends 



Income account 

Less taxes and insurance, counted among assets. 



$82,798 
8,064 

$4,511 
7,287 
8,902 

$839 
15,100 
12,100 
2,896 

$452,145 

2,500 



$90,862 



$20,700 



$30,935 



$449,645 



240 capitalist's guide and railway annual. 

Dr. income account. Cr. 



Operating expen- 



Interest 

Taxes and insur- 
ance 

Do. (in bal. sheet) 
Two Dividends . . . 
Surplus 



1857. 



1858. 



$337,870 $275,767 
10,385 10,583 

6,100 7,989 

2,500 

180,906 180,906 

375,991 449,645 



$911,252 $927,390 



Surplus 

Gross earnings of 

this road 

Gross earnings of 

connecting lines. 

Rents 

Interest 

Gravelling 



1857. 



$306,701 



1858. 



$375,991 
444,295 



155,081 94,950 

10,309 11,678 

476 

478 



$911,252' $927,390 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 



Dec. $53,150 
60,018 



Fiscal year ending November 30 1857. 1858. 

Gross receipts $604,552 $551,399 

Expenses 354,356 294,338 

Net earnings $250,196 $257,061 Inc. $6,865 

Falling off in receipts in 1858, about 9 per cent. 
Increase in net earnings in 1858, 2| " 

1857. 1858. 

Net income from gross receipts, per cent 46,, 14 46„62 Inc. 6, ,48 

" on cost of road, real estate and 

equipment, per cent 7,,44 7„64 " 20 

on capital stock, " 8„30 8„52 " 22 

Net earnings on length of road, per milo $2,876 $2,954 " $78 



OFFICERS. 
Alexander Holmes, President. John M. Washburn, Treasurer. 



Jas. H. Beal, Secretary. 



Alexander Holmes, 
Richard Borden, 



Jacob Sprague, Mas. Transportation. 



Directors. 

F. B. Crowninshield, 
Willtam J. Walker, 
James H. Beal, 



Peter H. Peirce, 
C C. Gilbert. 



BOSTON AND WORCESTER RAILROAD. 



Main line, from Boston to Worcester, Mass 44& miles. 

Brookline Branch, from Boston to Brookline 1£ 

Newton L. Falls Branch, from West Newton to Newton U. Falls. ... l| 

Saxonville Branch, from Natick to Saxonville 4 

Milford " " Framingham to Milford 12 

Framingham " " " " Framingham Centre 2 

Milbury " " Grafton to Milbury. 3 

Total length 684 miles. 



BOSTON AND WORCESTER RAILROAD. 



241 



The Agricultural Branch road, from Framingham Centre to Northboro' — 15 
miles — is leased by this company, making the whole distance operated 83 miles. 
It connects at Boston with the steamers for Liverpool, Halifax and Portland ; 
and with the different railways diverging from that city. 
Worcester with the Western Railway. 

" " Norwich and Worcester Railway. 

" " i{ Providence " " " 

m « Fitchburg " " " 

" " " Worcester and Nashua " 

This is one of the oldest roads in the Union, having been opened in tbe spring 
of 1834. It has a double track throughout the whole distance on the main line, 
and, from its success, may be regarded as one of the best managed roads in New 
England. The finances of the company are in a prosperous condition, being 
almost free from debt, with a large surplus invested as a sinking fund awaiting 
the maturity of its bonds in 1860. It has paid semi-annual dividends of not less 
than three per cent., without a single omission, since 1836 ; and the total amount 
exceeds by $700, 000 the whole cost of the road and equipment. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending November 30, 1858. 
Office, Boston. 



Cr. 



1. Cost of road 

Real estate not in con- 
struction account 

Materials and fuel 

2. Debts due the company. 
Grand Junction Railr'd 

bonds 

3. Sinking fund 

4. Cash means 



$4,689,098 

54,608 
192,276 
125,599 

100,000 
200,000 
216,579 

$5,578,160 



Capital stock $4,500,000 



Bonded debt. 

Floating debt 

Dividend payable Jan'v 

I, 1859 

Surplus 



500,000 
60,774 

135.000 
382.386 



$5,578,160 



1. (Double track) main line, 44| miles; branches (single track), equipment, real 

estate, and property of every description, about $68,950 per mile ; if reduced 
to a single track, the cost will bo $41,500 per mile. 

Equipment consists of 31 Locomotives ; 69 Passenger and baggage, 585 Freight 
and 80 Service cars. 

The company also own 3-5ths of 2 sixteen wheel, and 44-236ths of 46 passen- 
ger and baggage cars, running between Worcester and Norwich, and Boston 
and Springfield. The rolling stock is all in excellent condition. 

2. Bills and open accounts..... $59,055 

Bills Receivable 32,934 

Due from other roads 33,610 



3. To pay bonds due in 1860. 

4. Loans on collateral 

Cash on hand 



Bonds due in 1860, unconvertible. 
" " '* convertible... 



Unclaimed dividends. 

Notes Payable 

Accounts Payable 

Due other roads 



$171,655 
44,914 

$100,000 
400,000 

1,521 
42,296 

3,040 
13,917 



21 



$125,599 

$200,000 

$216,579 

$500,000 



$60,774 



2\2 capitalist's guide and railway annual. 
Dr. income account. 



1857. 



1858. 



Operat'g expens's.; $612,686 $536,316;] Surplus Dec. 1. 



New location at 

Brighton j 

Interest I 17,94(1 

Miscellaneous .... 
Depreciation i n 

rolling stock . . . 

Dividends 

1 new locomotive.: 

Surplus 421,023 



25,114 ! 

20,024: 
907 



Gross earnings 



100,000; 
270,000 270,000:: 
9,500 
382,386 



$1,321,658 $1,344,247; 



1857. 



Cr. 
1858. 



$302,509,' $421,023 



1,019,149 



923,224 



$1,321,658;$1,344,247 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 
Fiscal year ending November 30 1857. 1858. 



Gross receipts $1,019,149 

Expenses, exclusive of interest 612,686 



$923,224 Dee. 
570,929 



$352,295 



$95,925 
41,757 

$54,168 



Net earnings $406,463 

Falling off in receipts in 1858, 9,, 41 per cent. 
Decrease in net earnings in 1858, 13 & " 

1857. 1858. 

Net income from gross receipts, per cent 39„89 38,, 13 Dec. 1„76 

" " on cost of road and equipment, per 

cent 8„64 7„51 " 1„13 

" " on capital stock, after paying inter- 
est on debt, &c, per cent 8„39 7„85 " 54 

Net earnings on length of road, per mile $5,993 $5,181 " $812 



OFFICERS. 

Ginery Twichell, President. David Wilder, Jr., Auditor. 

Horace Williams, Treasurer. E. B. Phillips, Superintendent. 



Daniel Denny, 

Nathaniel Hammond, 
Benj. b\ White, 



Directors. 

Emor\ Washburn. 
Israel Lombard, 
Peter T. Homer. 



Isaac Emery, 

D Waldo Lincoln. 



RICHMOND AND DANVILLE RAILROAD. 

From Richmond to Danville, Va 141 miles. 

Connecting at Richmond with the Richmond, Frederickburg and Potomac Rail- 
road. 
" " " ' ; Richmond and Petersburg Railroad. 

" " " " Virginia Central " 

Burkeville " Southside 

" Danville with stages for Greensboro', fifty miles. 



RICHMOND AND DANVILLE RAILROAD. 



243 



This is an important road for the trade of Richmond ; and if extended to 
Greensboro', N. C, to intersect the North Carolina Central Railway, a large ex- 
tent of country — the trade of which now goes to Raleigh and other points — will 
be opened to Richmond. The affairs of this company appear to be in a favorable 
condition. The surplus earnings are applied to the payment of its mortgage 
debt, in preference to a division among the shareholders. The floating debt is 
very small, and all obligations to the State and individuals have been punctually 
fulfilled out of the revenues from the road. 



BALANCE SHEET. 
Fiscal Year ending September 30, 1858. 



Br. 


Office, Richmond, Va. 


Cr. 




$3,588,653 ! 

26,909 1 

141,808 : 

6,244, 

2,703 ! 

$3,766,317 


3. Capital stock 

4. State of Virginia 


$1,981,017 

600,000 

600,000 

25,153 

560,147 


Redemption fund 


Debts due the company. 
Cash 


6. Floating debt 


Income account 






$3,766,317 



Road-bed, iron, bridges, engineering, equipment, real estate in Richmond and 
Danville, depots, land damages and salaries (interest and discounts having 
been deducted from the surplus earnings), equal to $25,451 per mile. The 
equipment consists of 21 Locomotives ; 28 Passenger and baggage, and 360 
Freight and service cars. 

Represented by bonds and certificates of debt of the 

State of Virginia $96,350 

Bonds of the company cancelled 56,100 



Cost. 



$152,-450 
141,808 



Profit 

Subscribed by individuals $490,000 

" . City of Richmond 250.000 

" " " Danville 10,000 

" County of Pittsylvania 30,000 

" ' Henry 20,000 

" " State of Virginia 1,200,000 

" " Unknown stockholder 20 



$10,642 



Deduct unpaid. 



4. Loan from the commonwealth for 34 years. 

5. Guaranteed bonds of the State of Virginia, due 1875 
Mortgage " not guaranteed, " " 1859 
Registered " " " " i860 



6. Accounts 

Bills Payable ." 

Board Public Works for interest, due. 1st January, 

i*56 :. 



Deduct acceptances of Board of Public Works, held 
to pay the above, since converted into bonds 



$2,000,020 
19,003 



$200,000 
250,000 
150,000 

$3,820 
21,796 

21,000 

$46,61G 

21.463 



$1,981,017 



$600,000 



$25,153 



244 capitalist's guide and railway annual. 

It will be seen from the bonded debt, that there will fall due in 

1859 the sum of $250,000 

From which deduct bonds of 1859, retired by the sinking fund, 
and cancelled 52,500 

Leaving to be paid on 1st August $197,500 

Towards the payment of this there is now on hand : 

State of Virginia securities $96,350 

Leaving to be provided from 10 mos. earnings. . 101,150 

$197,500 

There will be due 1st November, 1860 $150,000 

Less retired by sinking fund, and cancelled 10,600 

Leaving to be provided for in 1860 $139,400 

The revenue for 1859 and 1860, if no greater than those for the past two years, 
will give the company sufficient means to discharge these amounts as they be- 
come due, without interfering with or interrupting the necessary repairs or the 
contemplated improvement of the road. 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Surplus Oct'r 1.. . 
Gross earnings. . . 


1857. 


1858. 


Operat'g expens's 
New rolling stock. 


$206,382 
26,618 
16,912 
72,109 

2,000 

994 

367,200 

$692,215 


$224,481 

*7,057 

70,288 

560,147 
$861,973 


t$229,304 

461,918 

993 


$367,200 

461,674 

1,434 

1,665 


Interest 

Loss on county 
bonds 

Indemnity for ne- 
gro killed 


Int. on sink'g fund. 








$692,215 


$861,973 



* Amount expended in 1858 for new rolling stock $35,305 

" " depots and buildings 29,987 

" " ontrack 37,959 

" for turn-table 1,450 

$104,701 

Charged in construction account 97,644 

t Made up from the following items : 

Amount received for earnings up to 30th Sept'r, 1856.. $1,191,335 

" " insurance on cargo iron lost 8,837 

rents and sales of iron 24,269 

From which deduct : 

Transportation expenses to Sept. 30, 1856 $723,854 

Discount on county bonds 4,200 

" due 1859. . . ; 43,663 

" " 1860 29,930 

Balance of interest account 193,490 



$7,057 



$1,224,441 



$995,137 



$229,304 



WESTERN (MASS.) RAILROAD. 245 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Sept. 30 1857. 1858. 

Gross receipts $161,918 $491,674 Inc. $29,756 

Expenses 206,382 224,481 ;t 18,099 

Net earnings $255,536 $267,193 " $11,657 

Increase in gross earnings in 1853, about 6| per cent. 
" net earnings " " 4| " 

1857. 1858. 

Net income from gross receipts, per cent 55, .31 51,26 

" on cost of road, equipment, &c., 

per cent 7, ,33 7, ,45 

" on capital stock, after allowing for 
interest, loss on county bonds, 
and for negro killed, per cent. . 9„11 9,,95 

Net earnings on length of road, per mile $1,812 $1,898 



OFFICERS. 

Lewis E. Harvik, President Thos W. Brockenbrough, Sec. ite Treas. 

Charles Campbell, Superintendent. 

Directors. 

R. 0. Haskins, ) on the part of J. B. Stovall, > ., . /.., 

James Brown, Jr., \ stockholders. Vincent Witcher, } on ^W*? of the 

E. G. Leigh. S " tate - 



Dec. 


1„05 


Inc. 


12 


«( 


84 


" 


$86 



WESTERN (MASS.) JRArLKOAD. 

rcester to Greenbush (opposite Albany). 
Hudson and Boston line, from Chatham Four Corners to Hudson 17 



Main line, from Worcester to Greenbush_(opposite Albany) 1.56 miles. 

Hi 



Total length 173 miles. 

Connecting at Worcester with the Boston and Worcester Railway. 
" " Providence and Worcester " 

" " Norwich and Worcester " 

" " " Fitchburg and Worcester " 

" " " " Worcester and Nashua " 

" Palmer " New London, Willimantic and Palmer Rail- 

way. 
" " " Amherst and Beichertown Railway. 

" Springfield " Hartford and New Haven " 

" " Connecticut River " 

Westfield " New Haven and Northampton Railway. 

Pittsfield " Pittsfield and North Adams " 

" Housatonic " 

** State Line " " 

" Chatham Four Corners with the New York and Harlem Railwav. 

" " Hudson and Boston 

" Greenbush " Hudson River " 

Troy and Greenbush 
Albany " New York Central " 

" Hudson River steamboats. 

21* 



246 capitalist's guide and railway annual. 



The Pittsneld and North Adams road, 20 miles in length, is leased by this com- 
pany, but has been operated at a loss for the past two years. The affairs of the 
Western Railway Corporation are in excellent condition, and appear to be man- 
aged with a good deal of skill, both in regard to its finances and revenue depart- 
ment. The stock is a favorite for investment in Massachusetts, and deservedly 
so, as regular dividends are made semi-annually (for the last two years 8 per 
cent, each ; in 1856 7£, and in 1855 7 per cent.), besides appropriating $50,000 
annually to a sinking fund that will extinguish the bonded debt at maturity. 
Its reserved fund on the 30th November, 1858, amounted to $305,747 — equal to 
about 6 per cent, upon the capital stock of the company. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending November 30, 1858. 

Office, Springfield, Mass. 



Cr. 



Cost of Western road. .; $6,757,309 
Cost of A. and West 

Stockbridge road ; 2,392,984 

Cost of Hudson, Boston' 

and West Stockbridgej 

road 196,839 



Capital stock. . . 

7. Bonded debt 

8. Floating debt. . . 

Dividend 

Interest not due 

9. Surplus 



Total cost $9,347,132 

Cost of equipment 1,095,713 

Station buildings and: 

depots ! 

Materials and fuel 

Hudson River Bridge 

stock 

Debts due to the com- 



pany 

Sinking funds . 
Cash 



438,487 
463,450 

15,120 



131,503 
1,952,576 

84,835 

$13,528,766 



$5,150,000 

6,032,520 

275,276 

206,000 

66,226 

1,798,744 



1. Graduation and masonry $3,464,661 

Bridges 231,996 

Iron, &c 1,571,903 

Land damages 298,201 

Engineering 171,391 

Agencies and expenses 1,019,157 

Length, 118 miles — equal to $57,265 per mile. 

2. Length, 38 " " 62,973 

3. Length, 17 " " 11,579 
Average of the three roads, $54,030 " 
Including equipment and real estate, $62,840 per mile. 

If reduced to 259 miles of single track, $41,749 per mile. 

4. Consists of 72 Locomotives, valued at 

" 57 Passenger and Baggage Cars, and 
54-236th parts of 23 Passenger and 
baggage Cars of the New York and 
Boston Express line, valued at 

" 1,057 Freight and 126 Service Cars, val- 
ued at 



$13,528,766 



$6,757,309 



Bills Receivable 

Accounts, individuals and corporations. 



$432,000 

73,545 

590,168 

$21,444 
110,059 



$1,095,713 



$131,503 



WESTERN (MASS.) RAILROAD. 

6. Amount of Massachusetts Fund Nor. 30, 1857 $1,264,283 

Contribution of Western road in 1858 40,000 

Earnings of Fund in 1858 74,349 

Value of Albany Fund November 30, 1857 529,686 

Contribution of Western road in 1858 10,000 

Earnings of Fund in 1858 34,258 

7. £135,000 Sterling Bonds, 5's, April 1, 1868. 

337,500 " " Oct. 1, " 

90,000 " " " 1, 1869. 

180,000 " " April 1, 1870. 

157,400 " " " 1,1871. 

£899,900 at $4 80 $4,319,520 

Albany City Bonds, 6's, July 1, 1866 $250,000 

" " " " 1870 300,000 

" " " 1871 200,000 

" 1876 250,000 

$1,000,000 

Hudson Loan 713,000 

8. Bills Payable . $243,800 

Unclaimed dividends 8,238 

Accounts 23,238 

9. Sinking Fund profits $1,492,997 

Contingent Fund 305,747 



247 



$1,952,576 



$6,032,520 

$275,276 

$1,798,744 



Dr. 



INCOME ACCOUNT. 



c*. 





1S57. 


1858. 


Balance Dec. 1. 


1857. 


1858. 


Operating ex- 




i 


$255,741 


$304,920 


penses 


$1,084,118 


$890,930 1 


Gross earnings. 


1,910,342 


1,700,293 


Interest on bond- 












ed debt, &c. . 


313,127 


342,442 | 








Sinking fund. .. 


50,000 


50,000 j 








Two Dividends, 












4 per cent. ea. 


412,000 


412,000 








Loss on Pittsfi'd 












& North Ad- 




1 








ams Railroad. 


1,918 


4,094 








Balance 


304,920 


305,747 










$2,166,083 


$2,005,213 


$2,166,083] $2,005,213 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiseal year ending November 30. . . 1857. 1858. 

Gross receipts $1,910,342 $1,700,293 Dec. 

Expenses and renewals 1,084,118 890,930 « 

Net earnings $826,224 $809,363 

Falling off in receipts in 1858, 11 £ per cent. 
Decrease in net earnings in 1858, 2 " 



$210,049 
193,188 

$16,861 



248 capitalist's guide and bailway annual. 

1857. 1858. 

Net ineome from gross receipts, per cent 43,,26 47..60 Inc. 4,,34 

" on cost of road and equipment, per 

cent 7. .67 7„44 Dec. 23 

" on capital stock, after allowing for 

interest, sinking fund, &o.,prcfc. 8„96 8„02 " 94 

Net earnings on length of road, per mile $5,296 $4,677 " $619 



NUMB-.R OF BARRELS OF FLOUR TRANSPORTED FROM ALBANY AND TROY ANNU- 
ALLY FROM 1847 TO 1858- 

Total number 

To Boston- To other Stations. of Barrels. 

1847 513,851 188,649 702,500 

1848 371,239 206,776 578.015 

1849 327.694 262,471 590,165 

1850 362.275 236,318 598,593 

1851 267,073 189,570 456,643 

1852 231,546 254,793 486,339 

1853 264,474 207,330 471,804 

1854 232,982 188.852 421,834 

1855 340,108 212,937 553.045 

1856 237,610 208,385 495,995 

1857 198,870 207,390 406,260 

1S58 311.567 207.953 519,520 



OFFICERS. 

C h s ot b b W. Chapin, President. Henry Gray. Superintendent. 

Wm. Ritchik, Auditor. 

Directors. 

Chester W. Chapin, E. R. Tinker, Jona. Bourne, Jr. 

Robert Campbell. Ionatius Sargent. C. Hudson. 

Wm. H. Swift. A. L. Tyler. 



MUSCOGEE BAILB0AD. 

From Columbus to Butler, Ga 50 milee. 

Connecting with the Southwestern Railway at Butler, and with the Montgomery 
and West Point (Opelika branch), and Mobile and Girard Railways at Girard 
(opposite Columbus), and the Chattahoochie river steamers at Columbus. 

The eost of the road to July 31, 1858. is $772,226 

■ " equipment " " 158,988 

$931,214 

or $18,624 per mile. 



MUSCOGEE RAILROAD. 



249 



Represented by capital stock : 

General stock $560,750 

Preferred 7 per cent 48,250 

Guaranteed 8 " 60,000 

Scrip (outstanding) 600 

$669,500 

*»*.*P««* J™? ,918,500 

Balanee «12,714 

The company has assets as follows : 

Montgomery and West Point Railroad stock and bonds. $17,600 

Mobile and Girard " " u 3,200 

Excess of debts over liabilities of the company 7,651 

Negro man and sundry items 5,896 

8 J $34,347 

Surplus as per income account $47,061 

It is in contemplation to consolidate this road with the Southwestern Georgia 
Railway, it being an extension of the latter road to Columbus. If this is done, the 
Southwestern road, when their river termini are completed, will reach the Chat- 
tahoochie at three distinct points — one at Columbus, the centre one at George- 
town, opposite Enfala, and the south branch at Fort Gaines. Its finances were in 
a good condition up to the late report, and the dividends upon the old stock paid 
regularly. 

The accident in December, 1857, by which several persons were killed and 
others much hurt, will probably cost the company a considerable sum for damages 
as well as for repairs. The gross receipts, however, of all the roads in Georgia 
have been largely in excess for the same period last year, owing to the large 
crop of cotton. The increased traffic will add largely to the receipts for the next 
fiscal year, and will doubtless enable the company to meet the damages, make 
the contemplated improvements by a closer connection with the roads that areits 
tributaries on both sides of the river and of the Muscogee, without interrupting 
the future dividends of the company . 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Surplus Aug. 1, 


1857. 


1858. 


Operating expen- 












$09,552 
43,837 


$52,189 
31,626 


1856 


$39,193 

177,808 


$31,617 


Road repairs 


Gross earnings. . . 


147,296 


Interest on bonds. 


17,430 


17,430 








" " prefer'd 












stock 


3,516 


3,377 








Interest on guar- 












teed stock 


4,800 


4,800 








2 dividends, 4 per 












cent 


44,728 


22,430 








Miscellaneous 


1,521 










Balance 


31,617 


47,061 










$217,001 


$178,913 


$217,001 


$178,913 



250 capitalist's guide and eailway annual. 



BUSINESS OF THE ROAD FOR THe] PAST TWO YEARS. 

Fiscal year ending Julv 31 1857. 1858. 

Gross receipts $177,808 $147,296 Dec. $30,512 

Expenses and road repairs 1 13,389 83,815 " 29,574 

Net earnings $64,419 $63,481 " $938 

Falling off in receipts to July 31, 1858, about 17 per eent. 
Decrease in net earnings to " " " l£ " 

1857. 1858. 

Net income from gross receipts, per cent. 36,, 46 43,,06 Inc. 6,,60 

" " r< " leaving out road 

repairs, per cent 61, ,37 65,, 01 " 3„64 

" on cost of road and equipment, per ct. 6,.92 6,,83 Dec. 09 
" on general stock, after payment of 
interest on debt and stock, and mis- 
cellaneous expenses, per cent 6,,64 6, ,76 Inc. 12 

Net earnings on length of road, per mile $1,288 $1,269 Dec. $19 



OFFICERS. 
John L Mustian, President and Sup't. J. M. Bivins, Seo'j and Treasurer. 

Directors. 

R. L. Mott, L. T. Downing. J. F. Bozeman. 

S. M. Farrar, John L Mus-han, Edward Padelford. 

Richard Patten. 



LEXINGTON AND FRANKFORT KAILKOAD. 

From Lexington to Frankfort, Ky 29 miles. 

This road connects at Frankfort with the Louisville and Fraukfort Railway, 
and at Lexington with the Lexington and Big Sandy, and the Kentucky Central 
Railways. 

It is operated jointly with the Louisville and Frankfort Company : and but for 
a suit with the Bank of Kentucky and Northern Bunk, brought against the joint 
lines for the recovery of $35,000 upon two bonds, purporting to be executed by 
the Lexington and Ohio Railroad Company, the earnings of the road would have 
been divided instead of being held in reserve. 

Since the adjournment of the annual meeting in May, 1857. the opinion of the 
Court of Appeals has been reversed, affirming the decision of the lower court in 
the suit of the Northern Bank and Bank of Kentucky against this and the Louis- 
ville and Frankfort Company. The decision has thus relieved the company of a 
liability for an amount that would hare absorbed at least one year's dividend 
upon the capital stock. 



LEXINGTON AND FRANKFORT RAILROAD. 



251 



Dr. 



BALANCE SHEET. 
Fiscal Year ending July 1, 1858. 
Office, Frankfort, Ky. 



Cost of road 

Cost of equipment 

Real estate not in con- 
struction account 

Materials and fuel (joint 
lines) 

Materials and fuel in 
possession of this com- 
pany 

Bonds 

Debts due to the com- 
pany 

Cash 




Capital stock 

3. Bonded debt 

Dividends unpaid. 

Stock profits 

Reserved fund... 
Profit and loss. . . 



1. $21,698 per mile. 

2. In possession of joint lines. 

3. Bonds due in 1864 

1869 

1874 



$35,000 
70,000 
25,000 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

1858. 



Fiscal year ending April 30 1857. 

Receipts $95,807 

Expenses 50,095 



$110,118 
58,338 

$51,780 



Inc. 



Net earnings $45,712 

Increase in receipts in 1858, 15 pgr cent. 
" Det earnings " 16i " 

1857. 1858. 

Net income from gross receipts, per cent 47, ,72 47„07 

" on cost of road, " 7„20 8„13 

on capital stock, after allowing for 

interest on debt, <fcc, per cent 8„85 12„40 

Net earnings on length of road, per mile $1,576 $1,785 



Cr. 

$428,536 

130,000 
23,201 

102,730 
19,507 
7,246 



$710,770 



$130,000 



$14,311 
8,243 



$6,068 



Dec. 
Inc. 



65 
93 

3„55 

$209 



OFFICERS. 

E. D. Hobbs, President. B. G. Thomas, Secretary. 

Saml. Gill, Superintendent. 



E. D. Hobbs, 
Benj. Gratz, 



Directors. 

M. C Johnson, 
F. K. Hunt, 

P. SWIGERT. 



W. A Dudley, 
Joel Higgins. 



252 capitalist's guide and railway annual. 



MANASSAS GAP RAILROAD. 

From Manassas Junction to Staunton 135 miles. 

In operation, from Manassas Junction to Woodstock 75 miles. 

Finished, from Woodstock to Mount Jackson 12 •' 

In progress, from Mount Jackson to Harrisonburg 25 " 

Located, from Harrisonburg to Staunton 23 " 

Total 135 miles. 

The Manassas Gap Company now lease the track of the Orange and Alexandria 
Railway, from Alexandria to the Manassas Junction, 27 miles. The former com- 
pany have in process of construction an independent track to Alexandria, and a 
branch road to Purcellville, in Loudoun county ; but for the want of means, very 
little work has been done on either line since the panic of 1857, it being thought 
best to extend the main line into the valley to secure a large increase of traffic. 
The commonwealth increased the capital stock of the company at the last session 
of the General Assembly, and authorized the Board of Public Works to subscribe 
for the whole increased capital in state bonds, $125,000 deliverable in 1858, and 
$125,000 in 1859. This has improved the finances of the company, and will enable 
it to gradually add to the length of the road from its surplus earnings and private 
and county aid along the line. Upon the completion of the Covington and Ohio 
road, it will be very important to the interests of this company to have its road 
finished to Staunton. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending September 30, 1858. 

Office, Alexandria. 



1. Cost of road 

2. Cost of equipment 

Heal estate not in con- 
struction account 

Rockingham County 
bonds 

3. Debts due to the com- 

ply 

Subscriptions, due by in- 
dividuals 

4. Subscriptions due by the 

State of Virginia 

Cash 



$3,262,990 j 
209,901 

44,304 

38,500 
154,295 
41,550 

188,100 



$3,939,729 



Capital stock... 
Bonded debt.... 
Floating debt . . . 
Income account. 



Ck. 



$3,038,500 
418,000 
292,956 
190,273 



$3,939,729 



1. Graduation, masonry, ballasting and repairs track. . $1,874,391 

Iron, ties, spikes, chairs and tracklaying 536,585 

Engineering, officers, expenses, &c. 193,055 

Miscellaneous " 27,467 

Water stations, timber, and right of way 157,051 

Interest 253,954 

Discount on bonds 220,487 

$3,262,990 

Equal to about $37,500 per mile ; including equipment and real estate, the 
cost will be about $40,428 per mile. 

2. Consists of 9 Locomotives ; 8 Passenger, baggage and mail, 168 Freight, 8 

Stock, and 40 Service cars 



MANASSAS GAP RAILROAD. 



253 



3. Bills Receivable $8,530 

Accounts 145,765 

$154,295 

4. Part of this amount — $125,000 — is not due under the appropriation until 1859. 

5. Subscribed by the corporation of Alexandria $350,000 

county of Rockingham 150.000 

" " Warren 45,000 

" " town of Woodstock 5.000 

" State of Virginia ' . 1,673,100 

" individuals 565,400 



Preferred stock by State of Virginia 
6. Bonds of the company , 



7. Banks for money borrowed. 

Bills Payable 

Accounts 



158.000 
52,580 
82,376 



$3,03S,500 
$418,000 



$292,956 



Dr. 



INCOME Al COUNT. 



Cr. 





1857. : 1858. 


Gross earnings. . . 


1857.' 
$131,836 


1858. 


Operating expen- 

Rent'of O. & A. 
Road 

Expenses of De- 
partment 


$66,904 
24,100 

2,653 

38,179 

$131,836 


$60,045 
24,100 

2,652 

38,802 

$125,599 


$125,599 








$131,836 


$125,599 



BUSINESS FOR THK PAST TWO YEARS. 

Fiscal year ending Sept. 30 1857. 1858. 

Receipts $131,836 $125,599 

Expenses 64,934 60,045 

Net earnings $66,902 $65,554 

Falling off in receipts in 1858, about 5 per cent. 
Decrease in net earnings in 1858, about 2 " 

1857. 1858. 
Net income from gross receipts, per cent. 50„77 52„20 
" on cost of road and equip- 
ment, per cent 2„13 1„90 

Deficiency of revenue to meet the inter- 
est on State subscriptions, 7 per cent. ; 
interest on debt and rent of O. & A. 
road, on capital ($1,154,000), per ct. . . 7„12 10,04 

Net earnings on length of road operated, 
per mile $1,097 $874 

22 



Dec. 



$6,337 

4,889 

$1,348 



Inc. 


1„43 


Dec. 


23 


Inc. 


2„92 


Dec. 


$223 



254 capitalist's guide and railway annual. 

officers. 

Edward C. Marshall, President. Edward Green, Sec'y and Treasurer. 
J. McD. Goldsborough, Sup't and Engineer. 

Directors. 

Edward C. Marshall, Andrew Pitman, 

B. H. Lambert, > on part of Wm. H. Irwin, > „ _ . - a*.*. 

Hiram Martz, 5 stockholders. Chas. H. Hunton, $ on P arfc ot btftte * 



DANBUBr AND NORWALK BAILflOAD. 

From South Norwalk to Danbury 24 miles. 

Connecting at Norwalk with the New York and New Haven Railway, and steam- 
boat at South Norwalk for New York. 
This road was opened for traffic in 1852. It is wholly dependent upon the local 

business along its line for support. It pays a yearly dividend of 6 per cent. 



BALANCE SHEET. 



Dr. Fiscal 


Vear ending February 1, 1858. 


Cr. 




$333,237 
4f,773 

7S66 
13,746 

$404,622 


Capital stock 

Bonded debt 


$279,050 

85,000 

3,502 

37,070 


2. Cost of equipment 

Real estate not in con- 


Floating debt 








1 








$-104,622 



1. Equal to $18,885 per mile ; including equipment, about $16,000 per mile. 

2. Consists of 3 Locomotives ; 6 Passenger an -J baggage, and 30 Freight cars. 



Da. 



INCOME ACCOUNT. 



Cr. 





1857. 

$28,872 

5,931 

8,371 

17,910 


1858. 

$28,551 

5,981 

16,743 

10,270 


i 
Gross earnings 


1857. 


1858. 




$61,134 


$61,545 








Surplus 






$61,134 


$61,545 


$61,134 


$61,545 



BUSINEjSS OF THE TOAD FOR THE PAST TWO YEARS. 

Fiscal year ending February 1 1857. 1858. 

Gross receipts $61,134 $61,545 

Operating expenses 28,872 28,551 



Inc. 
Dec. 



$411 
321 



Net earnings $32,262 $32,994 Inc. $732 



BOSTON AND NEW YORK CENTRAL RAILROAD. 255 

Increase in gross receipts in 1858, 0,,70 per cent. 
" net earnings " 1„11 " 

1857. 

Net income from gross receipts, per cent 52„87 

" on cost of road, &c, per cent 8„43 

" on capital stock, after allowing for 

interest on debt, per cent 9,, 39 

Net earnings on length of road, per mile $1,344 



OFFICERS. 
Eu T. Hojtt, President. Geo. H. Ives, Treasurer. 

E. S. Tweedy, Secretary. Harvey Smith, Superintendent. 



1858. 
53„75 

8., 65 


Inc. 


,.88 
,22 


9. ,65 


« 


„26 


$1,374 


c< 


$30 



BOSTON AND NEW YORK CENTRAL RAILROAD, 

(Known as the Air Line.) 

From Boston to East Thompson, Conn ; 69 miles 

Medway Branch, from North Wrentham 4 " 



Total finished 73 miles. 

This road is leased and operated by the East Thompson Railroad Company. 
For the amount expended, the traffic is on the smallest possible scale, and its 
prospects for the future are discouraging, with no hope of relief unless its friends 
ean be induced to extend it to Middletown : in that event, the finished portion 
would require repairs to make it safe for travel. Under financial embarrass- 
ments, the road is now operated by trustees for the benefit of its creditors. 
On the East Thompson portion of the ' ; Air Line," no progress whatever has 
been made towards its construction during the year 1858, nor has any thing been 
done on the Middletown extension, which was chartered at the May session of 
1858. 

The amount expended to 31st December, 1857, is as follows : 

Graduation $1,775,015 

Bridges 1 91,687 

Iron 511,422 

Station buildings, &c 40.263 

Land and land damages 474,097 

Engineering, &c 69.3^4 

Interest, commissions, &c 560,335 

$3,622,203 



Equipment 69,941 



Total cost of road and equipment $3,692,144 

equal to $5^,895 per mile. 

Add assets held in addition to the cost of the road 231,175 



Represented by : 

Capital stock paid in $2,241,000 

Funded debt 374,550 

Floating" 1.299,039 

Net earnings 8,730 



$3,923,319 



$3,923,319 



256 capitalist's guide and railway annual. 

The earnings in 1857 were $38,483 

Expenses " " 81,431 

Net earnings $7,052 

No return for 1858 has been made to the commissioners either in Connecticut 
or Massachusetts. 



OFFICE R.S. 

Moses G. Cobb, President. E. H. Tucker, Agent of Trustees. 

E. B. Grant, Superintendent 



BOSTON AND PEOVIDENCE RAILBOAD. 

Main line, from Boston to Providence 43 miles 

Stoughton Branch, from Canton to Easton 8 " 

Sekonk " " Main line to Sekonk 1 " 

Dedham " " Jamaica Plain to Dedham 3 " 

Total length 55 miles. 

Connecting with the Stonington steamers from pier No. 2, North river, New 
York, and with the New York, Providence and Boston Railway, constituting 
what is called the Stonington line. It also 

Connects at Providence with the Providence and Worcester Railway. 

" " " Hartford, Providence and Fishkill Railway. 

" " " Providence, Warren and Bristol " 

" Mansfield " New Bedford and Taunton 

" Canton " Stoughton Branch " 

" Jamaica Plain " Dedham " " 

" Boston " various roads diverging from that city. 

This is one of the oldest roads in New England, and is the pioneer railroad line 
from New York to Boston, having been in operation since 1830. Since that time 
it has paid to its stockholders more than the original outlay in dividends. No 
better evidence can be wanting of the ability with which this corporation is man- 
aged than its freedom from debt (except $195,220 in bonds — about $30,000 pay- 
able annually, until extinguished), large surplus — equal to about 13 per cent, on 
the capital stock — assets amounting to $337,728, and the payment of semi-annual 
dividends of 3 per cent. each. 



BALANCE SHEET. 
Fiscal Year ending November 30, 1858. 



Dr. 


Office, 


Boston. 


Cr 




$3,333,807 
191,175 
101,080 
236,648 




$3,160,000 


2 Cost of equipment 




195,220 




94,800 






412,690 










$3,862,710 


$3,862,710 



BOSTON AND PROVIDENCE RAILROAD. 257 

1. Cost of road $2,372,7:8 

" real estate 51^,134 

" Sekonk branch 44,846 

" Joint account with Providence and Worces- 
ter Railroad 400,039 

$3,3 53,307 

equal to $77,830 per mile ; including equipment. $81,977. There are 12 miles of 
branches, making the whole length 55 miles, equal to a cost of $64,090 per 
mile. 

2. Consists of 22 Locomotives ; 40 Passenger and baggage, 167 Freight, and 20 

Gravel cars. 

3. Details not given. 



Da. 




INCOME ACCOUNT. 




Ch. 




1857. 


1858. 


1 
| 

; Gros^ earnings. 
1 


1857. 


1858. 


Operat'g expen- 
ses 


$304,999 

17,431 

10,607 

189,600 

5,944 
55,594 


$250,735 

14,966 

28,490 

189,600 

53,973 


$584,175 


$537,764 


Interest on bond- 
ed debt 

Depreciation 
fund 

Two dividends, 
3 each 

Balance, profit 
and loss 

Balance 






$584,175 


$537,764 


$584,175 


$537,764 



BUSINESS OF THE ROAD FOR THK PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Receipts from all sources $584,175 $537,764 

Expenses 304,999 250,735 

Net earnings $279,176 $287,029 

Falling off in receipts in 1858, about 8 per cent. 
Increase in net earnings in " " 2A " 

1857. 1858. 

Net income from gross receipts, per cent 47,,77 53,,39 

" on cost of road, per ct 7,,91 8, ,15 

" on Capital stock, after allowing 
for interest, depreciation fund, &c, pr ct. 7„76 7,,71 

Net earnings on length of road operated, per 
mile $5,076 $5,219 



Dec. $46,411 
" 54,264 



Ir.o. $7,853 



Inc. 
it 

Dec. 

Inc. 



5„62 
„24 



$143 



OFFICERS. 
Charles H. Warren, President. Daniel Nason, Superintendent. 



C. H. Warren, 
Vm. Appleton, 



Directors. 

Joseph Grinnell, 
John Barstow, 

22* 



Saml. T. Danaj 



258 capitalist's guide and railway annual. 



NORTHERN CENTRAL RAILROAD, 

(OF MARYLAND.) 

From Baltimore to Sunbury, Pa 138 miles. 

Connects at Baltimore with the roads diverging from that city. 

" Relay " Western Maryland Railway. 

" Hanover " Hanover Branch " 

" York " York and Gettysburg " 

" Bridgeport " Cumberland and Valley Railway. 

" Harrisburg " Pennsylvania " 

" " " Lebanon Valley " 

" Dauphin " Dauphin and Susquehanna " 

" Millersburg " Lykens Valley " 

" P't Trevort'n " Trevorton and Mahanoy " 

" Sunbury " Sunbury and Erie " 

" " " Williamsport and Elmira " 

This road is designed to be to Baltimore what the Reading is to Philadel- 
phia — a line penetrating the anthracite coal fields of Pennsylvania, and at the 
same time to connect Baltimore with the Northern Pennsylvania and Southern 
New York system of railways The work of constructing the Sunbury and Erie 
line is progressing rapidly, and when it reaches the city of Erie this road will 
have another outlet to the lakes, thereby increasing its revenue. Already the 
increase — not only from receipts, but in net profits in 1858 — is sensibly felt in 
opening the line to Sunbury in August, 1858. 



BALANCE SHEET. 
Fiscal Year ending December 31, 1858. 



Dr. 


Office, Baltimore. 


Or. 


1 Cost of road 


$6,893,457 
733,934 


Capital stock 

4. City of Baltimore 

5. State of Maryland 


$2,260,000 

850,000 

1.500,000 




3. Real estate 


313,789 




69,964 




3,045,800 
655,507 


Invested in stock of this 




Floating debt 


• company, 4,848 sh's. . 


242,400 


Income account 


370,250 


Bonds of the Wrights- 








ville, York and Get- 








tysburg Railroad 


62,000 






Debt of ditto 


31,662 






Stock in ditto, 3,173 sh's. 


125,766 






Bonds Susq. T. W. Ca- 








nal Co 


537 






Sinking Fund : 








No. 1, Loan $150,000 


43,555 






" 7, " 2,500,000 


31,235 






" W.Y.&G.RK.Co. 


38,000 






Cash, in treasury, and 








uncollected revenue.. 


95,258 








$8,681,557 


$8,681,557 



Equal to $49,952 per mile 
mile. 



including equipment and real estate, $57,545 per 



2. Consists of 42 Locomotives ; 38 Passenger and baggage, 318 House Freight, 
48 Gondola, 106 Lumber, 122 Lime, 50 Wood, 4 Stock, 2 Stone, 2 Powder, 
789 Coal, 4 Horse, and 10 Dumping Cars. 



NORTHERN CENTRAL RAILROAD. 



259 



3. Acquired from the Baltimore and Susquehanna Rail- 

road Co $276,200 

Acquired from the York and Cumberland Railroad 

Company 8,217 

North Street, Baltimore, depot purposes 9,209 

Jones' Falls — for right of way 18,663 

Sunbury, purchased in 1858 1,500 

4. To revert to the Company upon the completion of the road. 

5. Interest at 6 per cent., payable quarterly — Act of 1854, chap. 260. 

6. Six percent. Bonds of Bait. & Susq. R. R. Co., due 

Oct 1,1866 $150,000 

Six per cent. 1st Mortgage Bonds of York and C. 
Railroad Co., due May 1, 1870 175,000 

Six per cent 2d Mortgage Bonds of York and C. 

Railroad Co., due Jan. 7, 1871 25,000 

Six per cent. Bonds of York and C. Railroad Co., 
issued to B. & S R. R. Co., Jan. 1, 1877 (guar- 
anteed by city of Baltimore) 500,000 

Six per cent. Contract Bonds N. C. R. R. Co., for 
work on B. & S. R. R. Co., Jan. 16, 1875 292,300 

Six per cent. Construction Bonds of N. C. R. R. Co., 
for work between Bridgeport and Sunbury, July 
1, 1885 1,903,500 



$313,879 



$3,045,800 



Dr. 



INCOME ACCOUNT. 



Cr. 



Operating expen- 
ses 

Interest 

Accidents 

Dividend on W., 
Y. and Gettys- 
burg R. R. S. . 

Sinking Fund do . 

Balance 



1857. 



$448,404 
244,303 

8,863 



6,341 

7,604 
281,056 



1858. 



$422,822 

288,879 
7,261 



6,975 

8,897,1 
370,250 



Surplus, Dec'r 31, 

1856 ; 

Gross earnings. . . 
Interest received. . 
Dividends " 
Other receipts 



$996,551 $1,105,084! 



1857. 



$254,553 

731,536 

7.137 

3,173 

152 



185S. 



$281,056 

810,604 

5,164 

3,491 

4,769 



$996,551 $1,105,084 



BUSINESS OF THE ROAD FOR THE PAST 1WO YEARS. 
Fiscal year ending Dec. 31 1857. 1858. 



Receipts from all sources $741,998 

Expenses of the road 448,404 



$824,027 
422.822 



Inc. 
Dec. 



$82,029 
25,582 



Net earnings of the road $293,594 $401,205 Inc. $107,611 

Increase in gross receipts in 1858, 11, ,56 per cent. 
" net earnings " 36,, 70 " 

1857. 1858. 

Net income from gross receipts, per cent 39„24 48„77 Inc. 9„53 

on cost of road, equipm't &c.,prct. 4,, 06 5,,05 " 99 
" on capital stock, after allowing for 
interest on debt, and all charges 

to income account, per cent 1> 5 18 3„95 " 2„77 

Net earnings on length of road, per mile $2,128 $2,908 " $780 



260 capitalist's guide and railway annual. 

TABLE OF MONTHLY EARNINGS. 



January . . 
February . 
March — 

April 

May. 



$32,021 
40,827 
51,564 
57,162 
57,807 
June I 48,640 



1856. 



1857. 



$42,236 

57,525 
72,542 
64,191 
58,710 
65,538 



1856. 



July, ! $45,848 

August, | 56,696 

September, ! 61,346 

October, ! 65,014 

November, j 55,877 

December, | 53,945 



1857. 



$57,536 

64,805 
64,397 
65,185 
59.583 
59,289 



OFFICERS. 



John S. Git-tings, President. 
Robert S. Hollins, Secretary. 



J. S. Leib, Treasurer. 

A. B. Warfabd, Sup't and Engineer. 



John S. Gittinos, 
Adam Denmead, 
Wm. T. Walters, 
James Frazteb, 



Directors. 

Wm. Devries, 
Alex. Small, 
J. H. Reiman, 
Peter Mowell, 



Wm. D. Milleh, 
W. E. Mayhew, 
Amos. E. Knapp, 
Wm. Caldeb. Jr. 



FITCHBURG RAILROAD. 



Main line, from Boston to Fitchburg, Mass 51 miles. 

Connecting at Boston with the various roads diverging from that city. 

" West Cambridge with the Waltham and Watertown Railway. 

" " " " Lexington Branch " 

" South Acton " Marlboro' " " 

" Groton Junction " Peterboro' and Shirley " 

" " " Worcester and Nashua " 

" " " Stony Brook " 

" Fitchburg " Fitchburg and Worcester " 

" " " Lancaster and Sterling " 

•* " " Vermont and Massachusetts " 

" " " Cheshire " 

This company operate the Peterboro' and Shirley road at an annual rental of 
$22,373. Both its financial and traffic affairs are managed with economy and 
skill ; and no better evidence of the ability of the present board is wanting than the 
fact that they have presided over the affairs of the company for five years. The 
stock is a reliable 6 per cent, investment, and there are undivided profits amount- 
ing to $86,257 ; besides property not needed for railroad purposes, valued at 
$42,722. It is worthy of remark that this company pays no interest money what- 
ever, but was the recipient of $1,185 last year for interest. Instances of this 
kind are exceedingly rare, and deserve a passing notice. The success of this road, 
built with a stock subscription, is the best evidence that the debt system with 
which nearly every road in the country is identified is the wrong one for share- 
holders, as it must ultimately lead to vexatious litigation in the contest for the 
franchises of roads when pay-day arrives. 



FITCHBUEG RAILROAD. 



261 



BALANCE SHEET. 
Fiscal Year ending Nr/eember 30, 13-58. 



Dr. 


Office, Boston. 


Cr. 


1. Cost of road 


$3,189,851 I Capital stock 


$3,540,000 


Cost of equipment 


350,149 3. Floating debt 


131,453 


Locomotives loaned trus- 


Dividend due in January 


106,200 


tees Rutland and Bur- 


Profit and loss 


86,257 


lington Railroad Co. . 


25,800 




Real estate not in con- 






struction account 


16.922 




Materials and fuel 


46.877 




Bills receivable 


100,780 




2. Cash means 


133,331 

$3,863,710 






$3,863,710 



1. Equal to $62,546 per mile; including equipment, $69,412 per mile. 

2. Cash and cash funds $94,485 

Uncollected revenue 35,563 

Post Office Department 3,283 

3. Connecting roads - $26,611 

Unclaimed dividends 4,842 

Bills Payable, due in 1860 100,000 



$133,331 



$131,453 



Dr. 



1857. 



INCOME ACCOUNT. 
1858. 



Operating expenses $346,777 $271,739 

Dividends | 212.400 212 400 

Rent of other roads 22.373 22,373 

Balance 44.281 66,456 



Cr. 



1857. ' 18-58. 



$625,831 $572,968 



Gross earnings $625,831 $572,968 



$625,831! $572,968 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30.. . 1857. 1S5S. 

Gross receipts $625,831 $572,968 

Expenses 316,777 271,739 

Net earnings $279,054 $301,229 

Falling off in gross receipts in 1858, about 85 per cent. 



Increase in net earnings 



nearly 8 



1857. 

Net income from gross receipts, per cent 44,, 57 

on cost of road and equipment, 

per cent 7,,S9 

on capital stock, after allowing 

for rent of other roads, per cent 7,,25 

Net earnings on length of road, per mile $5,471 



Dec. 



$52,863 
75,038 



Inc. $22,175 



1858. 
52„56 


Inc. 


7„99 


8, ,82 


c 


93 


7„87 


« 


62 


$5,906 


<t 


$435 



OFFICERS. 

John J. Swift, President A. Chapman, Auditor. 

John P. Welch, Treasurer. W. B. Stearns, Superintendent. 

Directors. 

John J. Swift, Thomas Whittemore, P. B. Brighajyi. 

A. Crocker, W. E. Faulkner, 



PENNSYLVANIA RAILROAD. 

Main line, from Harrisburg to Pittsburg 249 miles. 

Columbia Railroad, from Philadelphia to Columbia 80 '* 

Hollidaysburg Br., " Altona to Hollidaysburg 7 " 

Indiana '• " Blairsville to Indiana 19 " 

Total length 355 miles. 

The Columbia and Portage roads, 117 miles long, were acquired in the purchase 
of the main line of Public Works from the commonwealth ; the latter, however, 
was of but little value, and the rails have been removed to aid the Pittsburg, 
Fort Wayne and Chicago Company to extend its road from Plymouth into 
Chicago. To make the connection perfect, this company is obliged to leave the 
Harrisburg and Lancaster track, 38 miles in length, making the whole distance 
operated by the Pennsylvania Railroad Company 430 miles. From Philadel- 
phia to the Susquehanna river — 80 miles — there is a double track ; and for 92 
miles on the Western division, and 70 miles on the Eastern division, a double track 
has been laid — in all 242 miles, making the whole line equal to 634 miles of 
single track owned and operated by the company. 

This road is managed by the same executive officer as the Pittsburg, Fort 
Wayne and Chicago, which gives to Philadelphia a continuous line of railroad of 
820 miles in length, equivalent in its working arrangements to one road from that 
city to Chicago, being shorter than any of its rivals. At the Great Depot in 
Pittsburg, trains for Indianapolis, Cleveland and Cincinnati arrive and depart 
with freight, thus avoiding the cost and inconvenience in the use of drays for its 
transfer. The Pittsburg and Steubenville road will probably be completed dur- 
ing the year 1859, giving to this road a line twenty-four miles shorter than the 
present route to all points southwest 

dividends. 

Previous to November 1, 1855, the profits of the road, after paying interest to 
stockholders, were credited to construction account, according to the requirements 
of the charter of the company. The amount credited to said account on that 
day was $589,186, which sum appears at the credit of construction account in 
every subsequent report. Since then, the fo lowing dividends have been paid out 
of the accumulated profits of the road, viz : 

May 1st, 1856, dividend No. 1 3 per cent. 

Nov. 1st, 1856, " " 2 3 " 

May 1st, 1857, " " 3 3£ " 

May 1st, 1858, " " 4 3 '« 

Nov. 1st, 1858, " " 5 3 " 

The dividend 1st November. 1857, was postponed on account of the prostration 
of corporate credits and the absorption of the earnings of the road in the work of 
construction, and its inability to replace the amount bv a sale of its 2d mortgage 
bonds at prices acceptable to the Board of Directors. The company are restricted 



PENNSYLVANIA RAILROAD. 



263 



in the size of its floating debt to three per cent, upon the paid capital, according 
to a resolution of the stockholders. The resources of the company are ample at 
all times to meet the floating debt as it matures ; and in this respect the Pennsyl- 
vania corporation enjoys an excellent credit both at nome ana aDroaa. 



De. 

1 



BALANCE .SHEET. 

Fiscal Year ending December 3i, I808. 

Office, Philadelphia. 



Cost of road, 275 miles. 
Extension of Pittsburg 
ar.d Steubenville Rail- 
road 

2. Cost of equipment . . 

8. Real estate not in con- 
struction account 

4. Main line of public 

works 

Telegraph line 

6. Pittsburg, Fort Wayne, 
and C. Railroad Co. 
stock 

6. Bonds 

7. Debts due to the com- 

pany 

8. Cash means 



$15,853,950 



4,548 
2,828,529 

1,540,381 

7,500,000 
45,264 



816,050 
50,752 

790.547 i 

738,966! 



$30,168,987 



Capital stock 

9. State of Pennsylvania 

10. Bond 2 d debt 

11. Profit and Loss 

Interest account 

Contingent " 



Cr. 

$13,240,225 

7,400,000 
9,171,054 

135,050 
83,904 

138,754 



$30,168,987 



1. 249 miles from Harrisburg to Pittsburg, including 162 miles of double track, 

26 miles of branches, sidings, depot buildings, machine shops, engine houses, 

water stations, shop machinery, fences, sheds, &c. : 

Equal, for 275 miles, to $57,651 per mile. 

"' reduced to a single track, of 437 miles, to 34 000 " 

" with equipment and real estate, 437 miles, to. .. . 46,287 " 

275 " .... 73,554 « 

2. Consists of 209 Locomotives ; 68 Passenger, 31 Emigrant, 27 Baggage, 8 Ex- 

press, 1,276 House freight, 188 Stock, 345 Platform, 109 House Cars, 4 
wheeled ; 101 Coal do. do., 99 Gravel, do. do. ; 282 Road and Service Cars. 

8. In the cities of Philadelphia and Pittsburg. 

4. Purchased in 1857, and tn. isferred to this company on the 1st of August ©f 
that yenr. The price agreed upon was $7,500,000, payable in the 5 per cent, 
bonds of the company issued direct to the commonwealth, payable $100,000 
on the 31st July, 1858, and $100,000 on every succeeding 31st July until 
1890. These payments would leave, after the last-named payment, a balance 
due on the purchase of $4,300,000. The balance is payable in the bonds of 
the company to the commonwealth at same rate of interest, as follows : 

31st July, 1891 $1,000,000 

31st " 18^2 1,000.000 

31st " 1893 1.000,000 

31st " 1894 1,000,000 

31st " id95 300.000 

$4,300,000 

The purchase embraced 104 miles of canal on the west, and 181 miles (includ- 
ing the Swatara feeder, 2| miles long) on the east side of the Allegany 
mountains — total canal, 287 5 miles ; 37 miles of railway, part double and 
part single track, between Johnstown and Hollidaysburg ; 80 miles of double 



264 capitalist's guide and railway annual. 

track railroad between Philadelphia and the Susquehanna river — together 
with the real estate, locomotives, cars, and all other property connected with. 
this part of the public works. The canals were found in a very dilapidated 
condition and the railroads neglected, requiring repairs at once to make 
them equal to the main line. 

5. Original subscription $600,000 

Dividends payable in stock 216,050 

$816,050 

Additional assistance was given to the Pittsburg, Fort Wayne and Chicago 
Company during 185S, to enable it to complete its line to Chicago, mainly in 
iron rails removed from the Portage road acquired in the purchase of the 
Public Works, and of no value to the main line, being parallel to it from Hol- 
lidaysburg to Johnstown. The amount expended for removing rails, and for 
new rails, spikes and chairs, was $239,075. For this advance, and the value 
of the iron furnished from the Portage road, the Penn. Company is amply 
secured by pledge of $650,000 of the 1st Mortgage Bonds of the Pittsburg, 
Fort Wayne and Chicago Railroad Company. 

6. Of Municipal and Railway corporations. 

7. Bills Receivable and open accounts. 

8. Uncollected revenue and in agent's hands $206,992 

Cash in treasury 531,974 

$738,966 

9. Aggregate amount of bonds issued to the common- 

wealth I $7,500,000 

Deduct first annual pavment (see No. 4) 100,000 

$7,400,000 

10. 1st Mortgage dollar bonds. 
2d 

2d ' J Sterling bonds. 

11. Amount at credit last report $979,272 

Surplus earnings " Income account" 338,763 

$1,318,035 

From which deduct the following items sunk : 

Marietta and Cincinnati Railroad stock, original 

subscription $750,000 

Springfield. M. V. and Pittsburg stock 100,000 

Income bonds Marietta and Cincinnati Railroad 

Company 97,500 

Discount on company's dollar bonds 224.485 

Sundry items 11,000 

$1,182,985 

$135,050 



Dr. 




INCOME i 


LCCOUNT. 




Cr. 




1857. 


1858. 


Gross earnings, ~) 

road > 

Ditto canals. . . ) 


1857. 


1858. 


Operating ex- 1 

penses of road > 

Ditto canal. . . . ) 

Interest on bonds. 

Dividends 

Balance 


$3,063,271 

481,125 

454.903 
814,272 


$3,519,119 
129,744 
593,453 
715,333 
338,763 


$4,813,576 


$5,114,925 
181,542 




$4,813,576! $5,296,467 


$4,813,576 


$5,296,467 



PENNSYLVANIA RAILROAD. 26§ 

BUSINESS OF THE ROAD FOR THE PAST THREE YEARS. 

Fiscal year ending December 31 1S56. 1857. 1863. 

Gross earnings, all sources $4,724,604 $4,813,576 $5,296,467 

Expenses, tax and rent of other roads. . 2,992,467 3,063,271 3,648,863 

Net earnings $1,732,137 $1,750,305 $1,647,604 

Inorease in receipts in 1857 over 1856 1,j8S per cent. 

1858 " 1857 10„?2 

1858 " 1856 12„10 

" net earnings 1857 " " 1„05 

Decrease " 1858 " 1857 5„87 

" " 1856 4„88 

1856. 1857. 1858. 

Not income from gross receipts, per cent .... 36,,62 36,,51 31„10 

: ' on cost of road, real estate and equip- 
ment, per cent 9„28 8„78 8, ,23 

" on capital stock, deducting interest on 

bonded debt, per cent 10,,40 9,,62 8 

Not earnings on length of road operated, per mile. .. $3,910 $3,951 $3,719 



TABLE OF MONTHLY EARNINGS. 



January . 
February 
March... 

April 

May 

June 



1856. 


1857. 


$295,948 


$241,888 


302,652 


398,741 


513,217 


564,314 


601,119 


488,458 


451,373 


372,711 


345,613 


341,443 



July 

A ugust 

September. 
October. . . 
November. 
December . 



1856. I 1857. 



$338,968 
354,737 
391,448 
393,845 
365,157 
366,116 



$373,618 
453,443 
495,060 
387,333 
359,544 
378,925 



OFFICERS. 



J. Edgar Thomson, President. 

Wm. B. Foster, Jr., Vice President. 



Thomas T. Firth, Treasurer 
Edmund Smith, Secretary 



Directors. 

(On the part of the Stockholders ) 
J. Edgar Thomson, Josiah Bacon, Gr. D. Rosengarten, 

Washington Butcher, Thomas Mellon, Wistar Morris. 

Wm. R. Thompson, John Hulme, 

(On the part of the City of Philadelphia.) 
John Robbins, Jr., Jno. G. Brenner, Saml. Megaegek. 



Commissioners of Allegany County 

(By the Board.) 

Wm, B. Foster, Jr. 

28 



266 capitalist's guide and railway annual. 



PITTSFIELD AND NOKTH ADAMS RAILROAD. 

From Pittsfield to North Adams, Mass 20 milee. 

Operated by the Western (Mass.) Railway, with which it connects at Pittsfield. 

It also connects with the Housatonic road at the same place, and the Troy and 
Greenfield at North Adams. 

The total cost of the road, equipment, &e., up to 30th November, 
1858. is (equal to $22,840 per mile) $443,678 

Represented by s 
Capital stock paid in $460,000 

It has no funded or floating debt, and no income other than that derived from 
its lease (which is 6 per cent, upon the capital stock) to the Western Railroad 
Corporation. The repairs of the road and rolling stock are furnished by the 
Western road. 



OFFICERS. 
Chesteb W. Chapin, President. Henry Gray, Superintendent 



CAPE COD RAILROAD. 

From Middleboro* to Hyannis 45 milee. 

Connecting at Middleboro' with the Old Colony and Fall River Railway. 
" " " Taunton Branch " 

" W. Wareham " Fair Haven " " 

" . Hyannis " steamer for Nantucket, daily. 

The total cost of this road, including equipment, &c, up to the 

30th November, 1858, is $1,031,625 

equal to $22,925 per mile. 

Represented by : 

Capital stock paid in $681,690 

Fundeddebt 144,600 

Floating ■« 114,417 

6 $940,707 

The business of the road does not warrant the payment of dividends, although 
its net earnings show a small excess Over the amount required for working ex- 
penses, and the payment of interest on its debt. The surplus is undoubtedly used 
for liquidating the floating debt, as no dividends have been made since 1855. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Gross earnings $122,960 $106,846 Dec. $16,114 

Operating expenses 83,061 57,363 " 2 5,698 

Net earnings $89,899 $49,483 Inc. $9,684 



Inc. 


13„81 
38 




3„62 


; < 


$207 



NEW HAVEN AND NORTHAMPTON RAILROAD. 267 

Falling off iu receipts in 1358, about 13 per cent. 
Inorease in net earnings " " 23 " 

1857. 1858. 

Net income from gross receipts, per cent 32,,44 46, ,25 

on cost of road, &c, per cent 8,,23 7,,85 

: - on capital stock, after allowing for 

interest on debt, per cent 3„16 4„54 

Net earnings on length of road, per mile $886 $1,093 



OFFICER8. 

J. H. W. Page, President. Amos Otis, Secretary. 

E. N. Winslow, Treas. and Superintendent. 

Directors, 

3. H. W. Page, John H. Shaw, M. S. Lincoln, 

N. 8. Simpkins, Alex. Baxter, B. Bt;rok.ss 

Richard Borden, 



NEW HAVEN AND NORTHAMPTON RAILROAD 

(Usually called the Canal Railroad.) 

Main line, from New Haven to Granby 46 milea. 

Collinsville Branch, from Farmington to Collinsville 8 " 

Tariffville " " Hoskin's Inn to Tariffville . 1 u 

Total length 55 milea. 

Connecting at New Haven with the New York and New Haven Railway. 
" " " " Hartford and New Haven M 

" •• " " New Haven, N. L. and Stonington Railway, 

" Plainville " Hartford, Providence and Fishkill " 

" Granby " Hampshire and Hampden " 

This road is operated under a lease by the New York and New Haven Rail- 
road Company, which has for some time past brought the latter company in debt. 
The opening of the Hampshire and Hampden road in 1857 has given this road a 
connection with Northampton which will no doubt favorably affect the receipts of 
the New Haven Company another year by the stimulus now being experienced in 
trade throughout the manufacturing districts along its line. 

The capital stock paid in up to 31st December, 1858, 
was $922,500 

Bonded debt, 7's, due in 1869 500,000 

$1,422,500 

Represented by : 

Cost of road and equipment $1,400,000 

equal to $25,455 par mile. 

Assets on hand 81,723 

$1,481,723 

Surplus profits $59,223 



268 capitalist's guide and railway annual. 

The company paid two semi-annual dividends in 1858 of $2 60 eaeh, or five per 
cent, upon it? capital stock. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending December 31 1857. 1858. 

Gross earnings $145,135 $172,369 Inc. $27,234 

Expenses 74,054 101,882 " 27,828 

Net earnings $71,081 $70,487 Dec. $594 

Increase in gross receipts in 1858, about 19 per cent. 
Decrease in net earnings " 0,,84 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 49„20 40„87 Dec. 8„83 

" on cost of road, &c, " 5„07 5„03 " 04 

" on capital stock, after allowing for 

interest on debt, per cent 3„91 3,,85 " 06 

Net earnings on length of road, per mile $1,292 $1,281 " $6 



OFFICERS. 

Wm. Johnson, President and Sup't. S. D. Pardee, Secretary. 

Directors. 

Wm. Johnson. Wm. H. Elliott, Andrew L. Ktdstow. 

Joseph E. Sheffield, Wm. W. Boardman. Wm. A. Larned 

John Bradley. S. D. Pardee. 



NEW YOUR AND BOSTON RAILROAD. 

From Boston to Needham 8§ miles. 

Formerly operated by the Boston and Worcester Railway. 
Since 1st April, 1858, by Goss & Munson, contractors. 

This road was designed to extend through Blackstone, Willimantic, Middle- 
town, and to intersect the New York and New Haven road at New Haven, form- 
ing the New York and Boston Air Line, under separate charters from Rhode 
Island and Connecticut ; but the competition from old lines and the increase of 
railway facilities between the two terminal points renders it probable that the 
road will not be built until the requirements of the country through which it 
passes demand it for local business. 

Amount expended to November 30, 1858 $416,134 

Capital stock paid in $223,176 

Funded debt 173,210 

Floating " 4,643 

_ $401,029 

Expenses in 1858 $14,959 

Receipts " 8,177 

Deficiency in revenue $6,782 



PROVIDENCE AND WORCESTER RAILROAD. 



269 



PROVIDENCE AND WORCESTER RAILROAD. 

From Providence, R, I , to Worcester, Mass 43 miles. 

Counecting at Providence with the Boston and Providence Railway. 

" :{ New York, Providence and Boston (late Ston- 

ington) Railway. 
•' " Hartford, Providence and Fishkill Railway 

" Blackstone " Boston and New York Central Railway - 

;c Worcester " Boston and Worcester " 

" " " Western 

" " " Fitchburg and Worcester " 

" M " Worcester and Nashua " 

This road depends almost entirely upon the business from the manufacturing 
towns along its line for support ; but as the population is large and intercourse 
frequent, the local business rests upon a firm and permanent basis. The affairs 
are in a healthy condition, and the company is free from a floating debt. Its sur- 
plus earnings, after the payment of regular semi-annual dividends, are carried to 
the credit of construction account. The dividends in 1857 were 8 per cent., and 
in 1856 6 per cent. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending November 30, 1858. 



Cr. 



1. Cost of road 

2. Cost of equipment 

Materials and fuel 

Invested in stock of this 

road 

Due by note and ac- 
counts 

Cash 



$1,534,911 

254,565 

30,718 

39,800 

11,904 
25,471 



$1,897,369 



Capital stock 

Bonded debt 

Dividend due in January . 
Unclaimed dividends 



$1,550,000 

300,000 

46,500 



$1,897,369 



1. $35,696 per mile ; including equipment, $41,616 per mile. 

2. Consists of 13 Locomotives ; 18 Passenger, 270 Freight, aud 128 Coal Cars. 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1857. 


185s. 


Gross earnings. . . 


1857. i 1858. 


Operating expen- 


$169,773 

13.179 

124 000 


$160,058 
15,160 
93 nnn 


$311,802 $270,402 


Interest 






Dividend 




Balance 


4;850 2,184 










$311,802| $270,402 


$311,802 $270,402 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Gross receipts $311,802 $270,402 

Operating expenses 169,773 160,058 



Dec. 



Net 



. $142, 

23* 



$lli>,344 



$41,400 
9,715 

$31,6ba 



270 capitalist's guide and railway annual. 



Falling off in gross receipts in 1858, about 13£ per cent. 
" net earnings " nearly 23 " 

1857. 

Net income from gross receipts, per cent 45„52 

" on cost of road and equipment, per 

cent 7„94 

" on capital stock, after allowing for 

interest on debt, per cent 8,,31 

Net earnings on length of road, per mile $3,303 



1858. 
40„87 


Dec 


4„66 


6„17 


" 


1„T7 


6„14 
$2,560 


•* 


2„17 

$737 



OFFICERS. 
Welcome Farnum. President. John R. Balch, Treasurer. 

Daniel W. Vaughn, Vice President. Stephen H. Tabor, Superintendent. 



Welcome Faknum, 
Horatio N. -Slater, 
Welcome R . Sayles, 
Daniel W. Vaughn, 
Earle P. Mason, 
Moses B Lockwood, 



Directors. 

Stephen Benedict, 
Philo Sanford, 
Joel W. White, 
E. B Stoddard, 
Henry Gladding, 
Wm. M. Bickford, 



Paul Whitxn, 
Isaac Davis, 
Harvey Chase, 
Waldo Earle, 
Alex. Dewitt' 



MILWAUKEE AND MISSISSIPPI RAILROAD. 

Main line, from Milwaukee to Prairie du Chien 192 miles. 

S- Western Branch, from Milton to Monroe 42 " 

Total length 234 miles. 

Connecting at Milwaukee with the Milwaukee and Chicago Railway. 
" " " La Crosse and Milwaukee " 

" " " Grand Haven steamers, and Detroit and Mil- 

waukee Railway. 
" Watertown Junction with the Milwaukee, Watertown and Baraboo 

Railway. 
** Whitewater with the Fox River Valley Railway. 

" Janesville " Chicago, St. Paul and Fond duLac Railway. 

" Madison " Belois and Madison 

44 Prairie du Chien with steamers for St. Paul and St. Louis. 

This road will be a valuable feeder to the Detroit and Milwaukee road, just 
completed to Grand Haven (opposite Milwaukee) ; and as soon as the running 
connections of the latter are perfected with the Great Western, Canada, and tho 
ferry arrangements completed, a constant increase in the passenger traffic over 
this road may be safely calculated upon. 

The road is eligibly located for a freighting business, as will be seen from the 
increase in its receipts from this source during a year of great depression through' 
out the west. The desire to get the road through to the Mississippi river early 
in 1857, and the rapid rise in rates for money, led the company into the fatal error 
of borrowing upon hypothecation of its securities ; and ever since the crisis of 1857, 
like many others, it has been embarrassed by a large floating debt. Much praise 
is due to the President and Directors for the zeal displayed in providing the means, 



MILWAUKEE AND MISSISSIPPI RAILROAD. 



271 



without a direct appeal to the shareholders, for its liquidation, thus far. In 
March, 1858, it amounted to $600,000, and on the 31st December, 1858, it had been 
reduced to $233,937. The receipts in January and February, 1859, were barely 
sufficient to pay current operating expenses and repairs ; the company, conse- 
quently, is unable to meet daily pressing demands, which can only be satisfied 
with money. The Janunry interest has been met, as usual, by drafts on Milwau- 
kee, with exchange, but not promptly on the day the coupons were presented, 
which shows the poverty of its finances. The earnings of the road did not decline 
in 1858, as compared with those of 1857 ; and the only obstacle against a return 
of prosperity in the affairs of this company is the wa::t of $300,000 in cash to 
meet immediate claims from employees and others, and to deposit with the trus- 
tee of the sinking fund. The stockholders would materially enhance the value of 
their property by taking immediate steps for the relief of the company. The 
company has paid no dividends since 31st December, 1856, but paid in 1856 ten 
per cent. : in 1855 17 per cent., — 10 per cent, in cash, and 7 in stock. 



BALANCE SHEET. 
Fiscal Year ending December SI, 1856. 



Lr 


Offi.-e, Milwaukee. 


Cr 




$6,509,108 
1,029,621 

575,397 

104,614 

61,142 

22,2.30 

17,532 

174,543 


.5. 
6. 

7 




$3,696,693 

300,000 

4 393,000 

125,415 

53,500 

283,937 


2. Cost of equipment 

3. Real estate not iu con- 


City of Milwaukee 

Bonded debt 


Materials and fuel 

Debts duo the company . 
Stocks and bonds : 


Trustee of sinking fund. 
Floating debt 

5 


Sinking fund j 

Profit and loss, balance 




income account 

4. 3d inort. bonds unsold. . 


12,138 

351,000! 

$8,857,545 








$3,857,545 



Graduation 

Right of way and fencing 

Superstructure 

Engineering 

Bridges 

Salaries, expenses of directors and officers 

Incidental expenses, cost S. W. branch 

Discount on bonds $890,069 

Interest 402,504 

Loss on hypothecated stock 547,592 

Corns, and losses in loan negotiations 94,660 



2. Consists of 43 Locomotives ; 46 Passenger and bag- 
gage, 518 Freight, and 102 Service cars 

Shop tools, fixtures, >5rc 



3. Depot buildings 

Real estate, including cost of depot grounds. 



$1,468,887 

220,643 

2,163,544 

98,130 

426,419 

67,071 

124.569 



$1,934,825 



$1,006,100 
23,521 

$283,621 
2S6,776 



Total cost of road and equipment, 
equal ro $34,631 per mile. 



$6,509,108 



$l,029,62i 



$575,397 
$3,114,128 



212 capitalist's guide and railway annual. 

4. Issue authorized to assist in extinguishing the float- 

ing debt $500,000 

Issued for that purpose 149,000 

$351,000 

5. Stock issued, upon which dividends are payable. . . . $2,662,893 

" " " farm mortgages, the dividends on 

which are reserved for interest on same 799,800 

Stock hypothecated to City of Milwaukee, upon 

which no dividends are payable 234,000 

■ $3,696,693 

6. 1st Mortgage 10's, due 1861 $74,000 

8's, " 1862 526,000 

$600,000 

'•* " 1863 650,000 

" " 1877 1,250,000 

S.W.Br., " " 1866 350,000 

2d Mortgage 10's, " 1862 600,000 

Construction 7s, ' ' 1859 $ 500,000 

Less retired 52,000 

448,000 

3d Mortgage 8's, due 1862 $500,000 

$4,398,000 

7. Employees, accounts, and for materials $92,404 

Bills Payable 114,765 

Warrants on treasurer 2,420 

Scrip and certificates outstanding 3,377 

Outstanding claims for dividends, *fec 3,257 

Coupons, due and unpaid 67,714 

$283,937 



Dr. 



IXC ME ACCOUNT. 



Cr. 



Operating expen- 
ses 

Loss on freight 
bills 

Interest 

Amount cr. 10 per 
cent, farm mort- 
gagors 

Dividend January 
1 '. 



ing 
W. line 

Sinking fund un- 
paid 1858 

Balance 



1857. 


1858. j 


$412,200 


$443,242 


8,28S 
425,429 


3,069 
446,524 




50,145 


i 106,220 






3,500 


75,565 


53,500 
1 


$1,027,702 


$999,980'; 



Surplus Dec'r 31, 
1856 

Gross earnings . . . 

Sinking fund in- 
terest and other 
sources 

Balance ditto, pro- 
fit aud loss 



1857. 



$144,884' 

882,818! 



$1,027,702 



$75,565 

883,186 



29,092 
12,137 



$999,980 



MILWAUKEE AND MISSISSIPPI RAILROAD. 



273 



BUSINESS OF THE RO \I> FOB TJBE PAST TWO YEARS. 



Fiscal year ending December 30 1857. 

Receipts from passengers $399,090 

Freight 469.920 

13,808 



•Yeight , 
Mails, rents, &c. 



1858, 
$305,806 
557,900 
19,480 

$883,186 
443,242 



Dec. $93,294 

Inc. 87,980 

5,672 



Total receipts $882,818 

Operating expenses, repairs, &c 412,200 443,242 " 31,042 

Net earnings $470,618 $439,944 Dec. $30,674 

Increase in gross receipts in 1858, 44-1,000. 
Decrease in net earnings in 1858. 6,, 52. 

1857. 1858. 

Net income from gross receipts, per cent 53„31 49„83 Dec. 3„48 

" on cost of road, equipment, &c, 

percent 6„02 6„44 " 58 

Deficiency of income to meet interest on debt 
■ and operating expenses, upon capital stock, 

percent „61 2„50 Inc. 1„8» 

Net earnings on length of road, per mile $2,011 $1,880 Dec. $131 

The annual interest on the mortgaged debt, construction bonds, farm 

mortgage bonds, debt to the city of Milwaukee, amounts to $431,552 

Annual contribution to sinking fund of main line and S. W. Br 57,000 

Total annual charge upon income account $488,552 

Add interest on floating debt and los3 on freight bills 18,041 

Total amount against the net revenue of the road $506,593 

Net earnings in ia58 439,944 

Deficiency of revenue $66,649 

which is equal to 2£ per cent, upon $2,662,893 of capital stock entitled to divi" 
dends. 



TABLE OF MONTHLY EARNINGS. 



1856. 1857. 1858 



January.... $36,589 $28,461 

February . . . 28,532! 34,108 

March ! 30,564! 40,591 

April | 35,5211 45,977 

May 61,3671 71,479 

June 66,086' 118,443 



$43,181 

39,896 
51,934 
76,006 
86,738 
103,700 



1856 1857. | 1858. 



July ( $53,071 

August j 56,565 

September. . j 92,857 
October .... I 120,147 
November . . ! 55,779 
December. . . ! 33,403 



$91,3641 $99,446 

80,784j 66,137 

123,007 106,904 

115,921 92,476 

81,094 63,351 

41,578' 53,416 



PRINCIPAL ARTICLES OF AGRICULTURAL FREIGHT MOVED E SS'IWARH 



Wheat bushels. 

Rye, barley, oats, corn and potatoes " 

Flour bbls. 

Dressed Hogs lbs. 

Hides 

Live stock head 

Wool 



1857 


1858. 


,677,631 


2,317,909 


161,621 


390,200 


39,785 


74,112 


564,625 


3,926.647 


782,471 


1.189,652 


1,150 


6,217 


160708 


269.131 



274 capitalist's guide and railway annual. 



OFFICERS 

John Catlin, President. Wm Taintor, Secretary. 

H. Crocker, Vice President. Chas H. Williams, Treasurer. 

Wm. Jekvis, Superintendent. 



John Catlin, 
Alkx. Mitchell, 
John H. Tweedy, 
Anson Eldred, 
Erastus B. Wolcott, 
H. Crocker, 



Directors. 

Geo. H. Walker, 
Asahel Finch, 
Eliphalet Cramer, 
F. G. Tibbits, 
H. L. Dousman, 
Nelson Dewey, 



Joseph Goodrich, 
ED. Clinton, 
E. L, Dimmock, 
E H. Broadhead, 
E. D. Holton, 



SOUTH CAROLINA RAILROAD. 



Main line, from Charleston to Augusta 136 miles 

Columbia Br., from Branchville to Columbia 68 " 

Camden " " Kingsville to Camden 38 " 

Total length 242 miles. 

Connecting at Charleston with the Northeastern Railway. 

" " " Charleston and Savannah Railway. 

" " " steamers for New York, Philadelphia, Balti- 

more, Savannah and Havana. 
" Kingsville " Wilmington and Manchester Railway. 

" Columbia " Greenville and Columbia " 

" " " Charlotte and South Carolina " 

" Augusta " Georgia " 

" " " Augusta and Savannah " 

This is one of the oldest railroads in the Union, having been commenced in 
1830. The line to Hamburg was opened for traffic in 1834, that to Columbia in 
1842, and to Camden in 1849. 

The original track from Charleston to Hamburg was of trestle work nearly the 
whole distance, with a thin strap rail laid upon the stringers ; and over this kind 
of road the business was done for several years. Some of the swamps and low 
grounds were crossed at an elevation of 50 feet. 

The first locomotive engine that ran with success in the United States was 
introduced upon this road by Horatio Allen, Esq. (then its chief engineer), in 
December, 1830, when the road only extended 8 miles out of Charleston. It was 
built under the supervision of the late E. L. Miller, formerly a resident of South 
Carolina. It was called the " Best Friend," and weighed about five tons. This 
locomotive continued to haul the four-wheeled passenger coaches for several 
years until her boiler exploded. She was rebuilt under a new name, '' The Phe- 
nix," and continued in the service of the company until 1841. 

The original charter was given to the South Carolina Canal and Railroad Com- 
pany, to construct a track to Hamburg. In 1836 a grant was obtained from 
South Carolina, North Carolina, Tennessee and Kentucky by the Louis- 
ville, Cincinnati and Charleston Railroad Company, for the purpose of construct- 
ing a road via Columbia, Knoxviile and Danville* to Covington, opposite Cincin- 
nati ; but owing to the crisis of 1837 and the magnitude of the enterprise, it was 
abandoned, and the afifairs of the old company were merged into the new one, 
which possessed banking privileges — and the road, then partially constructed, 



SOUTH CAROLINA RAILROAD. 



275 



was finished to Columbia. It is worthy of remark, that after a period of nearly a 
quarter of a century, the very project that attracted the attention of several 
public spirited citizens of South Carolina in 1836 is now being carried out in the 
completion of the Greeuyille and Columbia road, and the extension of the Blue 
Ridge road into Tennessee. Many of these men have passed away — among 
the number is the lamented Hayne. 

The affairs of the South Carolina road continue to be ably managed ; and not 
only are its finances in a prosperous condition, but it has the means witbin itself 
to meet promptly its funded debt as it matures. The dividends were 10 per cent. 
in 1856, 8 per cent, in 1857, and Si per cent, in 1858. 



Pk. 



BALANCE SHEET. 
Fiscal Year ending December 31, 185S. 
Ofiice, Charleston, S. C. 



Cr. 



buildings, 



1. Cost of road, 

&c 

2. Equipment 

Lands not in construction 

account 

Negroes 

3. Invested in other roads. 

4. Debts due the company . 

5. Cash means 



$5,517,385 
1,103,130 ; 

324,531 I 

77,962 i 
374,060 i 
182.005 | 
123,265 



$7,701,338 



Capital stock $4,179,475 

State of South Carolina, 

due in 1868 200,000 

Bonded debt 2,530,463 

Floating debt 318,504 

Dividend No. 29 164,883 

Surplus income 308,013 



$7,701,338 



$5,517,385 



1. From Charleston to Hamburg 136 miles. 

" Branch ville to Columbia 68 " 

" Kingsville to Camden 38 " 

Total 242 miles 

Roadway, depots, Savannah river and other bridges, 

<tec 

equal to $22,809 per mile ; including equipment, $27,358 per mile. 

2. Consists of 62 Locomotives, 59 Passenger, and 790 Freight cars ; and materi- 

als and machinery (valued at $52,341). 

3. jQamden Branch Railroad, 4,000 shares. $75 

Charlotte and S. Carolina Railroad, 200 shares 

Greenville and Columbia " 1,508 " $20.. 
Wilmington and Manchester " 154 " 100. . 
North Carolina " 50 "100.. 
Blue Ridge " 402 " 2d in- 
stallment 



$300,000 

19,500 

30,160 

1S.400 

5,000 



4,000 



4. Bills Receivable. . 

Bonds 

Due by Agents. . 
" 'accounts. 



* Of this sum, there has been due since 30th June, 1855. 
from " " " . 



5. From Railroads, uncollected revenue. 

" Post Ofiice Department 

Cash 



$12,172 
53,283 

* 103,370 
12,180 



$71,673 

12,750 
38,842 



$374,060 



$182,005 

$21,324 

82,046 



$103,370 



$123,265 



276 capitalist's guide and railway annual. 



6. Sterling Bonds, due in 1363, 6's $183,333 

1866, 5's 2,000,000 

Bonds on pledge Camden Br. stock, outstanding.... 1,000 

Bonds to Auditor's order 246,500 

* individuals 34,6*30 

" issued for double track 65,000 

7. Bills Payable $172,994 

Scrip account 20,093 

Pay rolls maturing 39,555 

Unclaimed interest 17,128 

" dividends 1,177 

Bills Payable for dividends, due April, 1859 24,919 

Accounts ? 42,653 



$2,530,463 



$318,604 



Dr. 



INCOME A« COUNT. 



Cr. 





1857. 1858. 


1857. | 1858. 


Operating ex pen- 


$709,268 $693,98 3 
194,993 178,946 
193,974 155,184 
116,394 164,883 
235,174 308,013 


Gross earnings. $1,449,803' $1,501,108 






Dividend, Jan'y. . 
July... 










$1,449,803; $1,501.108| 


$1,449,8031 $1,501,108 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

1858. 



Fiscal year ending December 31 . . . 1857. 

Gross receipts from traffic $1,449,803 $1,501,108 

Operating expenses and repairs. . .. 709,268 693,983 

$740,5.35 

Increase in gross receipts in 1858, 3£ per cent. 
" net earnings in 1858, 9 " 

1857. 

Net income from gross receipts, per cent 51, ,07 

" on cosi of road and equipment, per 

cent 11, ,40 

" on capital stock, after allowing for 

interest on debt, per cent 13,,05 

Net earnings on lengtb of road, per mile $3,060 



Inc. 
Dec 



$51,305 
15,285 



$807,125 Inc. $66,590 



1858. 
3„81 


fno. 


2„74 


12„20 


« 


80 


15„03 
$3,335 


•• 


1„98 
$275 



OFFICERS. 

John Caldwell, President. Thomas Waring, Treasurer. 

J. R. Emery, Secretary- H. T. Peake, Superintendent. 



John Caldwell, 
Chas. M. Furman, 
Henry Gourdin, 
Wm. C Gatewood, 
George Gibbon, 



Directors. 

Wm. C. Dukes, C. T. Mitchell, 

C. R. Bryce, Andrew Wallace, 

E. J. Shannon, James Hose, 

Geo. A. Trenholm, H. B Rice, 

Hon. Alfred Huger, A. Burnside. 
L J. Patterson (caused by tbe death of James 
Chapman). 



SUNBURY AND ERIE RAILROAD. 277 



TAUNTON BRANCH RAILROAD. 

From Mansfield to Taunton, Mass 11 miles. 

Connecting at Taunton with the New Bedford and Taunton Railway. 
" " " Middleboro' and Taunton " 

" Mansfield " Boston and Providence " 

The cost of the road and equipment to November 30, 1858, is $313,156 

equal to $28,469 per mile. 

Represented by : 

Capital stock paid in $250,000 

Floating debt 3,000 

Surplus profits 44,387 

$297,387 

This road pays a dividend of 8 per cent, annually, has no funded debt, but a 
large .surplus, equal to 17| per cent, upon its capital. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Gross receipts $87,080 $70,840 Dec. $16,240 

Operating expenses 59,230 49,181 " 10,049 

Net earnings $27,850 $21,659 " $6,191 

Falling off in gross receipts in 185S, 18| per ceut. 
Decrease in net earnings " 22^ " 

1857. 1858. 

Net income from gross receipts, per ceut 32„01 33„97 Inc. 1,,96 

on cost of road, " 8„89 6„91 Dec 1„98 

on capital stock, after paying inter- 
est, per cent 11„14 8* '• 2„64 

Net earnings on length of road, per mile $2,532 $1,969 " $563 



OFFICERS. 
W. A. Crocker, President. A. E. Swasey, Superintendent. 



SUNBURY AND ERIE RAILROAD. 

From Sunbury to Erie, Pa 270 miles. 

In operation, from Sunbury to Williamsport 40 miles. 

Graded " Williamsport to Sinnemahoning 68 " 

Located *• Sinnemahoning to Warren 110 " 

Graded t{ Erie, to Warren 52 i( 

Total length 270 miles. 

24 



278 capitalist's guide and railway annual. 

The part of the line in operation connects at 

Sunbury with the Philadelphia and Sunbury Railway. 

" " Northern Central " 

" " Shamokin and Sunbury " 

Milton " Catawissa, Williamsport and Erie Railway. 

Will'msport " Williamsport and Elmira k * 

From Williamsport to Sinnemahoning Creek, the whole distance is graded and 
ready for the iron, and the rails from Williamsport to Farrandsville, 33 miles, 
willbe laid on the first opening of spring. The iron for this part of the line, as 
well as the whole of the western division, from Erie to the east line of McKean 
county, 82 miles, is contracted for, and a portion of it delivered. 

The State of Pennsylvania sold in the early part of 1858 the balance of the 
Public Works to this company, consisting of the following canal property : 

Susquehanna division, from junction of the Juniata to Northumber- 
land 41 miles. 

West Branch division, from Northumberland to and including the 
Lewisburg and Bald Eagle Cross-Cuts 70 " 

Lower North Branch division, from Northumberland to Lackawanna 

Dam, 8 miles from Wilkesbarre 73 " 

Delaware division, from Easton to Bristol 60 " 

Upper North Branch division, from Pittston to New York State line. 94 " 

Total 344 miles. 

Receiving in payment $3,500,000 in bonds of the Sunbury and Erie Railroad Com- 
pany. But in case the latter sell out the Works for a sum greater than the 
$3,500,000, three-fourths of the excess reverts to the State. 

The managers, having received from the Governor the necessary deeds of con- 
veyance, entered upon and took possession of the property, which they subse- 
quently sold and conveyed to other parties, for the aggregate sum of $3,875,000, 
as follows : 
The Upper and Lower North Branch Divisions, to the North Branch 

Canal Company, for $1,600,000 

The West Branch and Susquehanna Divisions, to the West Branch 

and Susquehanna Canal Company, for 500,000 

The Delaware Division, to the Delaware Division Canal Company.. 1,775,000 

Total amount of sales $3,875,000 

The North Branch Canal Company afterwards sold to the Wyoming Canal 
Company that part of the canal which extends from Wilkesbarre to Northum- 
berland ; and the payment for the entire work, by consent of the managers, was 
made by the two companies as follows : 

By the North Branch Canal Company $590,000 

By the Wyoming Canal Company 1,010,000 

$1,600,000 

The proceeds of these several sales, having exceeded the amount of the pur- 
chase money paid to the State, by $375,000, seventy-five per centum of the excess 
was paid to the State treasurer on the 13th of September last, in compliance with 
the conditions of the act. Of that payment, $231,000 were in the bonds of the 
Wyoming Canal Company, and the balance in cash. 

In the purchase and. sale of the Public Works, the company has exchanged its 
own bonds — which were unavailable for the extension of the road — for canal and 
other bonds, $2,000,000 of which is depositedwith the State treasurer until wanted 
for construction. 

The completion of this road will be for Philadelphia what the Erie Railroad 
has been to New York — opening a trade with a section of the State now shut out 
by natural barriers and the want of rapid means of transportation. 



SUNBURY AND ERIE RAILROAD. 



279 



The following is the condition of the finances of the company on the 31st De- 
oemher, 1858 : 

BALAVCE SHEET. 



EXPENDITURES. 

Road construction and 

superstructure $3,584,679 07 

Buildings.land and right 

of way 29-1,060 63 

Engineering 210,088 58 

Maintenance of way . . . 47.999 58 

Equipment .. .. 37.983 57 

Incidental expenses.... 205,474 86 

Discount on municipal 

and company bonds. . 256,663 74 
Interest to stock and 

bondholders 398,463 40 

Interest on transient 

loans 160.220 00 

Piers at harbor of Erie 78,890 37 

Paid to State treasurer 

75 per cent, of surplus 

received for canals . . 281,250 00 

Balance 3,320,357 67 



RECEIPTS. 

Amount of capital stock 
paid in 

Seven per cent, bond: 
sued (part of loan of 
$1,000,000) 

Temporary loans 

Income from railroad. 

Old assets of company. 

Proceeds of sale of 1 'ela 
ware Division Canal 

Proceeds of sale of N 
Branch Canal 

Proceeds of sale of West 
Branch and Susque 
hanna Canal. . . . 

Income from canals. 



$8,876,132 47 



$3,903,843 13 

527,000 00 

309.591 19 

198.791 71 

1.738 78 

1,775,000 00 

1,600,000 00 



500,000 00 
60,167 66 



$8,876,132 47 



This balance is composed of bonds deposited with the State treasurer, viz 

Delaware Division Canal $1,080,000 00 

West Branch and Susquehanna Canal 500,000 00 

Wyoming Canal 300,000 00 

North Branch Canal 200,000 00 



Held by the company : 

Bonds of the Delaware Division Canal 

" Wyoming Canal 

" North Branch Canal 

City of Erie 

" Quakake Railroad Company 

Stocks of the Delaware Division Canal Company. . 

" Telegraph Company 

Bills receivable 

Cash 

" in hands of disbursing agents 

Interest due on bonds 

Cost of coal on hand received in payment of tolls. 
Due by railroad companies 



$200,000 00 

319.000 00 

375.000 00 

133.000 00 

12.500 00 

100.000 00 

2.000 00 

102.702 39 

4.119 79 

19,874 33 

30.065 00 

19,411 78 

2.684 38 



$2,000,000 00 



Total. 



There is. therefore, applicable to the completion of the road : 
The above-mentioned Canal bonds, deposited with the State treas. 

The cash and assets in the hands of the treasurer, as above 

The balance unissued of the company's 7 per cent, bonds for 

$1 ,000.000 

Five per cent, bonds of the companv deposited with the State 

treasurer, part of the loan of $7,000,000, of which the State 

owns one-half 



$1,320,357 67 
$3,320,357 67 

$2,000,000 00 
1,320,357 67 

473,000 00 



3,500,000 00 



Total $7,293,357 67 



280 capitalist's guide and railway annual. 

Of the above, the second and third items are under the present contract of the 
company, and $1,000,000 of the first will be when the line of the road from Wil- 
liamsport to the mouth of the Sinnemahoning shall be ready for the superstruc- 
ture, and the additional subscription above referred to shall have been secured. 
This work, as before stated, is now nearlv completed, and will be eutirely so be- 
fore the first of May next. The other $100,000 of the first item will become 
available when the road shall be graded from Erie to Warren, which can be ac- 
complished by the 1st of July next. 

There will then remain the Middle Division, from the mouth of the Sinnema- 
honing to Warren, about 110 miles, upon which but little work has yet been 
uone. and the greater part of which is still uneoutracted for 

No details of traffic received. They would be of little use, while in progress, 
in aiding the reader to form an idea of the value of a road, of the magnitude of 
this, for revenue. The undeveloped and neglected wealth of an area of more than 
14.000 square miles between the Pennsylvania and Erie Railroads, taking Ridge- 
way as a centre, will give some idea of the expectations of its managers. As an 
illustration, they direct attention to the benefits derived by the city of New York 
from the New York and Erie road. In reference to it. they say thar " the price 
of wild lands in the southern part of the State, previous to its construction, did not 
exceed $3 per acre. On its completion, and almost immediately after the first train 
of cars passed over it. the minimum price at which the same lands were sold, for 
a wide range on either side of the road, was Ten dollars per acre, and they con- 
tinue to increase in value as the country fills up with new settlers In various 
parts of our own state, the prices of mineral and timber lands have been in- 
creased, through similar agencies, in a much greater ratio." 

" It may fairly be assumed, that, within a few years after that road shall have 
been finished to the harbor of Erie, the same mineral lands which now average in 
the State assessment but three dollars and thirty-three hundredths per acre, will 
average at least ten times that sum. Allowing one-third only of the 9.216.000 
acres to consist of mineral lands, the result will be that 3,072,000 acres will be 

worth, on an average, $33 per acre, or *111.376.000 

The remaining $6,141,000. increasing to no greater ratio than the 

New York lands, will be worth ten dollars per acre, or 61 440.000 

$172.S20,000 
Deduct the present assessed value, as above stated 30.000.000 

And the net gain in the assessed value will be $142,820,000 

Which, at the present rate of taxation for State purposes, would 
give an increased annual revenue to the Commonwealth of 3/V7.000 



PFFTCER*. 

Wm. G Moorhead. President. Toh.n Lindsay, Sec'y and Treasurer. 

Geo. Merrick, Superintendent. 

Directors. 
W\i. (t. M A. B. Ctm.mi.ngs, Henry Dr 

Saml. y. Merrick, Henry Diking, Phiuf M. Pkice, 

Ellis Lewis, D K. Jai k C. B Wrtg-ht, 

John C. CrbsS< v A. Wilcox, 



Jas. D. Whehiam. ) Elected by the City 
HAKm Connelly, v- Council oi Phila- 
Thos. L Kane, S delpbia. 



PHILADELPHIA, WILMINGTON AND BALTIMORE R.R. 281 



PHILADELPHIA, WILMINGTON AND BALTIMORE RAILEOAD. 

From Philadelphia to Baltimore 93 miles. 

Connecting with the different Kail ways at Philadelphia ; also at Wilmington 
with the Delaware, and New Castle and Frenchtown Railways; at Havre de 
Grace with the Branch road to Port Deposite, and at Baltimore with the Balti- 
more and Ohio road for Washington City and Wheeling ; also with the other 
roads diverging from that city, and steamers for Norfolk and other places This 
is one of the roads that constitutes a direct through line at 8 A.M. and 6 P.M. 
from New York to New Orleans and intermodiate places. The New Castle and 
Frenchtown, and Delaware Railways are leased by this company, making the 
total length operated 183 miles. 

Dividends in 1S57 four, and in 1858 five per cent. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending November 30, 1858. 

Office, Philadelphia. 



Cr. 



1. Cost of road . j $7,2:35,532 



2. Cost of equipment. 
Real estate not in con- I 

struction account i 

Materials and fuel : 

Stocks and other securi- \ 

ties I 

3. Debts due the cmpany. ! 

4. Due by other railroads.. ■ 

5. Cash means ! 



,62,225 

257.024 

83,185 

119,552 

79.060 
76,081 
165,338 

| 

I $3,782,997 



Capital stock 

Bonded debt 

Floating debt. . . . 
Renewal fund. . . . 
Revenue account. 



$5,600,000 

2,555,379 

188,962 

60,000 

378,656 



$3,782,997 



1. Cost of road and equipment, $7,997,757 — equal to $S1,610 per mile. 

2. Consists of 31 Locomotives ; 81 Passenger, Baggage and express, 405 Freight, 

and 61 Service Cars. 

3. Agents, $17,551 ; accounts $431 $17,982 

Bills receivable, $55,457 ; bonds receivable, $3,521. . 58,978 

Installments on stock unpaid 2,100 

$79,060 

4. A dvanced to connecting lines $16,813 

South wark Railroad, for relaying tracks 22,166 

Delaware " 37,102 

$76,081 

5. Cash $159,078 

Due from P. O. Dep't 6,260 

$165,o-3 

6. Mortgage loan, duo 1st July, I860 $6.88.929 

" 1884 1,696,500 

Improvem't b'ds, " 1st May, 1863 119,000 

Mortgages on real estate. . .' 40,950 

Ground rents 10,000 

$2,555,379 

24* 



$188,962 



282 capitalist's guide and railway annual. 

7. BillsPayable $21,320 

Unclaimed interest and dividends 8,131 

Interest due January, 1859 70,370 

Accounts 3,418 

Other r-ads ^2,247 

Contractors 9,320 

Delaware Railroad le ise, due 1859 30,031 

Real estate waiting order of court 14,125 

8. Balance at cr. Nov. 30, 1857 $515,280 

Surplus earnings for 1858 64,153 

$579,133 

From which deduct : 

U. IS. Bank case aud John Flynn's case ; also sundry 
old accounts and discount on new mortgage loan .... 

. $378,656 

In addition to the above, the company has $776,500 bonds of 1831 ^un- 
issued. 

This new loan being secured by a mortgage on a property worth at least three 
times the amount of the loan, and a sinking fund beginning with forty thousand 
dollars, in lf>60, and the appropriation of each subsequent year increasing over 
that of the previous year by the sum of two thousand dollars, which sinking fund 
must be used every yea>- in the purchase and cancellation of the loan at the mar- 
ket price, and in no other way, must recommend it to capitalists and holders of 
the company's other securities, for which purpose it was created. * * * 

This road, after many reverses and struggles, may now confidently be ranked 
among the roads that pay annual dividends. Its position is a strong one, and its 
strength and character will annually improve, as its ability to make dividends 
aud lay up a surplus is more fully demonstrated. Its policy should be to make 
no larger dividends than it can be certain of maintaining, "together with the ap- 
propriation to the sinking fund, and also a surplus sufficient to provide for all rea- 
sonable emergencies. A property thus managed and thus productive, must every 
year gain in the confidence of the public 



$200,777 



Dr. 



INCOME ACCOUNT. 



Cr. 





1857. 

$461,608 

38,890 

60,000 

44,418 
160,000 

224,000 
154,935 


1858. 

$461,585 
24,295 

60,000 

45,814 
160,000 

280,000 
64,153 1 


1 

i Gross earnings : 
1 Pbila.,W.&B. 
Railroad .... 
J Newcastle R. R . 


1857 


1858. 


Operat'g expenses 
P.,W.&B. RR. 

Operat'g expenses 
Newcastle R.R. 

Renewals both R 


$1,119,910 
23,911 


$1,075,962 
' 19,885 


Loss on Delaware 
Railroad 




Two dividends, 2 
per cent. each.. 

Two dividends, 2 
and 3 per cent. . 

Balance revenue 
account 






$1,143,851 


$1,095,847 


$1,143,851 $1,095,847 



CONNECTICUT RIVER RAILROAD. 283 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Gross receipts, both roads $1,143,851 $1,095,847 Dec. $48,004 

Expenses, renewals and loss on Del- 
aware Hailroad 604,916 591,694 " 13,222 

$538,935 $504,153 " $34,782 

Falling oft" in gross receipts in 1858, about 44 per cent. 
Decrease in net earnings " vi 63 " 

1857. 1858. 

Net income from gross receipts, per cent 47,,l7 *46,.01 Dec. 1,,25 

" on cost of road, per cent 6,,09 5,,89 *' ,,11 

" on capital stock, deducting interest 
on debt, renewal fund, and oper- 
ating other roads, per cent 4,, 21 3,,82 " ,.39* 

Net earnings on length of road, per mile $2,945 $2,755 " $190" 

* In the operating expenses, every item is embraced, whether for repairs or 
new work, which will reduce the actual operating expenses for 1858 to about 43> 
per cent, of the gross receipts 



Saml. M. Felton, President. 



OFFICERS. 

Alfred Horner, See'y and Treas'r 



Moncure Robinson, 
Wm. L. Savage, 
Aubrey H. Smith, 
Joseph C. Gilpin, 
John A. Duncan. 



Directors. 

Jesse Lane, 
Wm. W Corcoran, 
Fred. A Curtis, 
John C. Groome, 
Thomas Kelso, 



J. I. Cohen, Jr., 
Columbus O'Donnell, 
Enoch Prall, 
Thos. Donaldson. 



CONNECTICUT RIVER RAILROAD. 



From Springfield, Mass., to South Vernon, Vt 50 miles- 

This company lease the Ashuelot Railroad, from South Vernon to 

Keene, N. H 23 " 



Total length operated by Connecticut River Railroad Co 73 miles- 

It connects at Springfield with the Hartford and New Haven Railway. 

'.' " Western " 

Northampton " Hampshire and Hampden " 

Greenfield " Vermont and Massachusetts " 

" Troy and Greenfield " 

South Vernon " Ashuelot " 

" " Vermont and Mass. " 

Keene " Cheshire " 

Brattleboro' " Vermont Valley " 



284 capitalist's guide and railway annual. 

The cost of the road and equipment is $1,801,944 

Expended on Ashuelot Railroad and equipment 20,000 

$1,821,944 
equal to $36,439 per mile. 

Represented hy : 

Capital stock, old $1,283,610 

" preferred 307,500 

$1,591,110 

Bonds, 6 per cent., due 1859 $5,000 

1860 5,000 

1862 135,000 

1863 65,000 

$210,000 

$1,801,110 

Excess $20,834 

The affairs of the company show that it has been well managed, having no 
floating liabilities other than the small sums that accumulate against a corpora- 
tion in good credit. On the other hand, its available means are sufficient to pay 
dividends upon the preferred and old stock, and furnish a fund for investment or 
contingencies. The surplus earnings applicable to future dividends amount (De- 
cember 1st, 1857) to $71,863, equal to 5, ,60 percent, on the old stock. The pre- 
ferred stock has a guaranteed dividend of 8 per cent, until 1860, which is regu- 
larly paid. On the old, 5 per cent, was paid in 1855 ; 5 5 in 1856 ; 2 in August, 
1857, and 4 in 1858. None was declared in February, I8b7 ; but in lieu of it, 
$19,312 50, corresponding to the earnings applicable to that purpose, was invested 
in 415 shares of the company's scrip, and set against the income account for the 
benefit of the old stockholders. This policy has caused dissatisfaction on the part 
of many stockholders against the present direction. 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


Surplus Dec. 1. . . 
Gross earnings... 


1857. 


1858. 


Operat'g expenses 
Miscellaneous " 

luterest 

Rent Ash'lot RR 
Two dividends on 

preferred stock. 
One dividend on 

old stock 

Surplus earnings 

invested 6 mos 

Jan. 31, 1857... 
Balance 


$148,073 

8,594 

15,947 

30,000 

24,600 

25,672 

19,313 
33,935 


$117,513 

7,780 

14,205 

30,000 

24,600 
35,672 

52,555 


$38,423 

267,711 


$33,935 
248,390 




$306,134 ; $282,325 


$306,134 


$282,325 



BUSINESS OF THE ROAD FOR THZ PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Gross earnings $267,711 $247,390 Dec. $19,321 

Operating expenses 148,073 117,513 " 30,560 

Net earnings $119,63S $130,877 Inc. $11,239 

Falling off in gross receipts in 1858, about 7 4 per cent. 
Increase in net earnings ■' " 10 " 



LEHIGH VALLEY RAILROAD. 285 

1857. 1858. 

Net income from gross receipts, per cent 44,,73 52„81 Inc. 8„08 

*' on cost of road and equipment, per ct. 6„60 7, ,18 " ,,58 
" on old stock, after payment of 8 per 
cent, on preferred, interest, rent of 
Ashuelot road, and miscellaneous 

expenses, per cent 3„16 4, .23 " 1„07 

Net earnings on length of road operated, per mile. $1,639 $1,793 " $154" 



OFFICERS. 

D. L. Harris, President. Saml. F. Lyman, Treasurer. 

W. B. Brinsmade, Superintendent. 

Directors. 
D. L. Harris, Tgnatjtts Sargent, Wtnthrop Hillyer, 

Chester W. Chapin. Henry W. Ct.app, F. B. Crowninshield. 

Roland Mather,' 



LEHIGH VALLEY KAILROAD. 

From Easton to Mauch Chunk, Pa 45 milee_ 

Connecting at Easton with the New Jersey Central Railway. 
" Belvidere " 

" Bethlehem " North Pennsylvania " 

Allentown " Allentown " 

M. Chunk " Mauch Chunk and Summit Hill Railway. 
" " Beaver Meadow " 

Quakake 

This has been regarded almost exclusively as a coal-carrying road, four-fifths of 
its revenue being derived from coal tonnage. Recently, however, another valua- 
ble tributary has been opened in the Quakake rolid, giving it a through line to 
Catawissa, and intersecting the lines of railway both north and south of the 
Lackawanna coalfields, and opening for the New Jersey Central a large traffic- 
both in coal and general products of the soil. 

This company, in its annual reports, omit the usual balance sheet so necessary 
to form a correct opinion of the financial condition of any corporation. The cost of 
the road, as near as can be ascertained without emanating from the companv. up 
to the 30th November. 1858, is $3,276,523. equal to $72,811 per mile. 

Represented by : 

Capital stock paid in $1,794,500 

Bonded debt 1.500,000 

$3,294,500 

The quantity of coal delivered to the New Jersey Central Railroad for the year- 
ending November 30. was 122.000 tons. Total quantity transported. 471.029> 
tons Revenue from coal, $338,800. 



286 capitalist's guide and railway annual. 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 


! 

1 Gross earnings 

I 


1857. 


issa 


Operating expenses 
Office 

Interest 

Dividend account. . 
Contingent fund. . . 


$172,462 

8.929 

111,129 

107,670 

40,997 

$441,187 


$194,674 

6,760 

101,239 

112,138 

27,234 

$442,045 


$441,187 


$442,045 




$441,187 


$442,045 



Inc. $858 
" 22,212 



BUSINESS OF iHR EOAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Gross earnings $441,187 $442,045 

Expenses 172,462 194,674 

Net earnings $268,725 $247,371 Dec. $21,354 

Increase in receipts in 1858, 20-1,000 per cent. 
Decrease in net earnings in 1858, 8 " 

1857 

Net income from gross receipts, per cent 60„85 55„97 Dec. 

" on cost of road and equipment, per 

cent 8„20 

" on capital stock, after allowing in- 
terest on debt, &c, per cent. . .. 8„26 
Net earnings on length of road, per mile $5,972 



1858 
55„97 

7„57 

7„74 
$5,491 



„63 

„52 
$481 



OFFICERS. 

J. G. Fell, President. John N. Hutchinson, Sec. and Treas. 

R. H. Sayre, Superintendent. 

Directors. 

John T. Johnston, Asa Packer, Wm. H. Gatzmere, 

Elisha A. Packer, David Burnet, J. G. Fell. 



. H0USAT0NIC RAILROAD. 

From Bridgeport, Conn., to North Canaan 74 miles. 

This company operates, under lease, the 

Berkshire Railroad, from North Canaan to West Stockbridge 21 miles. 

Stockbridge and Pittsfield, from Van Deusenville to Pittsfield 22 " 

West Stockbridge and Pittsfield, from State line to Richmond 3 " 

Total length operated 120 miles. 

Connecting at Bridgeport with the New York and New Haven Railway. 
" " Naugatuck 

" " " Steamers for New York. 

" State line " Western Railway. 

Pittsfield " Pittsfield and North Adams Railway. 



HOUSATONIC RAILROAD. 



287 



This road is in excellent condition, and will, with the general improvement in 
the manufacturing interests, from which it draws so large a share of its traffic, 
materially increase its earnings. The economy in operating the road for 1858 dis- 
plays an earnest desire to bring the expenses within the smallest compass practi- 
cable with good management. The per centage of profit from gross earnings' have 
steadily augmented since 1855. 

The Housatonic Valley abounds in some of the finest water power in New Eng- 
land, besides possessing a rich and healthy agricultural region — and with the fa- 
cilities for reaching New York, is admirably adapted for a large manufacturing 
population. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending December 31, 
Office, Bridgeport. 



1858. 



Or. 



1. Cost of road and equipm't 

2. Real estate not in con- 

struction account 

Materials and fuel 

3. Debts due the company . 
Stockbridge and Pitts- 


$2,438,847 

4.175 

30,269 
23,351 

8,559 

3,688 
1,189 

45,768 


Capital stock : 
Old stock. $820,000 
Prefd " 1,180,000 

5. Bonded debt 


$2,000,600 

27S,500 

76,675 

200,662 


6. Floating debt 


Surplus earnings 


Preferred stock of this 


Suspense account. 










$2,555,837 


$2,555,837 



1. Equal to $22,957 per mile. The equipment consists ot 

11 Locomotives, valued at $77,000 

19 Passenger and baggage cars 25,300 

192 Freight and 30 Service cars 83,120 



Real estate. 
Wood lots. 



3 Bills receivable. 
Accounts 



4 . Due from railroads 

'* " stations 

" P. O. Department. 
Cash 



5. Bonds of 1857. 
1848. 



Bills Payable 

Expenses in December 

Bent of Stockbridge & P. Railroad. 

Berkshire " 

West Stockbridge 

Accounts 

Coupons . 

Interest accrued and not paid 



$1,804 
2,371 

$19,548 

3,803 

$3,150 

17,636 

1,796 

23,1S6 

$246,500 
32,000 

$34,874 

10,537 

15,786 

3,500 

118 

870 

9,870 

1,120 



$185,420 

$4,175 

$23,351 

$45,76S 
$278,500 



$76,675 



288 capitalist's guide and railway annual. 

Dr. income account. Ck.. 



Operat'g expens's. 

Rent of other ro'ds 

Interest 

Premium paid tor 
exchanging old 
bonds for new.. . 

Taxes 

Balance 



1857. 



1858. 



$209,131' $128,863 1 
74,309 74,117 1 
23,615; 22,323 • 



6,250 j 1,114 
1,117! 1,154 
4.053i 43,702 



$318,475 $271,273 



1857. 



1858. 



Gross earnings...! $318,475 $271,273 



$318,475 $271,273 



BUSINESS OF THE BOAD FOB THE PAST TWO YFABS. 

Fiscal year ending December 31 1857. 1858. 

Gross receipts $318,475 $271,273 Dec. $47,202 

Operating expenses 209,131 128,863 " 80,268 

$109,344 $142,410 Inc. $33,066 
Decrease in gross receipts in 1858, nearly 15 per cent. 
Increase in net earnings " 21 " 

1857. 1858. 

Net income from gross receipts, per cent 34„38 52, ,73 Inc. 18,,35 

" on cost of road, per cent 4,,48 6,,22 " 1,,74 

" for preferred stockholders, per ct . . ,,34 3,, 70 " 3„36 

" " old " " Nothing. Nothing. 

Net earnings on length of road operated, per 

mile $8,157 $1,062 Inc. $1,905 



TABLE OY MONTHLY EARNINGS. 



1856. 

January....! $17,092 

February...! 11,763 

March I 21,800 

April ! 27,406 

May 29,539 

June I 29,357 



1857. 



$15,341 
19,384 

25,807 
28,961 
29,981 

29,570 



1858. || 

$14,772 July 

12,582 | August 

17,353 September. 
22,958 I October... 
24,134 1 November.. 
21,911 ! December.. 



1856. 1857. I 1858. 

J 



$32,473! 


$32,664! 


$25,128 


33,3905 


34,449| 


28,078 


37,063; 


34,793 


28,374 


33,058 


29,2-9 : 


29,804 


30,572i 


21,331 


24.202 


25,734 


16,905' 


21,976 



Charles Hunt, President and Sup't 
H. Nichols, 



OFFICERS. 

J. T. Lawrence, Secretary. 
Treasurer. 



Charles Hunt, 
N. Thayer, 
Lee Oanfield, 



Directors. 
Daniel Marsh, 
C. W. Hopkins, 

Morris Ketchum, 



Stephen Tomlinson, 
Thomas Hurlbut , 
Wm. W. Boa rdman. 



NEW YORK, PROVIDENCE AND BOSTON RAILROAD. 289 



NEW YORK, PROVIDENCE AND BOSTON RAILROAD. 

(Formerly the Stonington Railroad.) 

From Stonington to Providence.... 50 miles. 

Connecting at Providence with the Boston and Providence ; Providence and 
Worcester ; and Hartford, Providence and Fishkill Railways ; and at Stonington 
with the New Haven, New London and Stonington Railway. This road is oper- 
ated in conjunction with the steamers Plymouth Rock and Vanderbilt, from pier 
No. g, North river, composing what is called the Stonington route for Boston and 
intermediate places. 

Several years ago the stock ®f the Stonington Railroad Company was exten- 
sively dealt in at the Stock Exchange, but it has gradually disappeared from the 
speculative arena, and is mostly held for its prospective value and the dividends 
which it yields. 

The indebtedness of the company on the 31st August, 1858, was : 

Six per cent Mortgage bonds $331,000 

Less amount held by the company 24,500 

$306,500 

It has no floating debt and no constructive account open. The cost of the road, 
equipment, stations, &c, is $2,158,000 — equal to $43,160 per mile. 

The company not introducing a balance sheet into its reports, an approximate 
condition of its affairs is all that can be given, as follows : 

Cost of the road and appurtenances $2,158,000 

Represented by : 

Capital stock $1,503,000 

Mortgage bonds outstanding 306,500 

$1,814,500 

$343,.')00 
The company having a balance in the treasury on 31st 

August, 1858, of $28,682 

Would leave a reserved fund of 314,818 

$343,500 

equal to 20,, 88 upon its capital stock. 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1857. 


1858. 




1857. 1858. 


Operating expen- 
ses 

Repairs of road. . 

New equipment.. 

Interest 

Dividend Novem- 
ber, 1856 

Surplus earnings. 


$65,962 

79,157 

5,022 

24,852 

37,692 
31,070 

$243,735 


$65,847 

44.030 

3,051 

22,210 

37,455 
31,248 

$203,841 


Gross earnings. . . 

i 


$243,735 


$203,841 




$243,735 


$203,841 



25 



290 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS 

Fiscal year ending August 31 1857. 1858. 

Gross receipts $243,735 $203,841 Dec. 

Expenses and repairs 150,141 112,928 " 

Net earnings $93,594 $90,913 " 

Falling off in gross receipts in 1858, about I65 per cent. 
Decrease in net earnings " nearly 3 " 

1857. 1858. 

Net income from gross receipts, per cent 38,,45 45,, 37 Inc. 

" on cost of road and equipment, 

percent 4,,34 4,,21 Dee. 

" for stockholders, per cent 4,, 56 4, ,57 " 

Net earnings on length of road, per mile $1,832 $1,818 " 



$39,894 
37,113 

$2,681 



6„92 



„13 

01 

$14 



OFFICERS 

Giles F. Ward, President. Francis Arny, Treasurer. 

Geo. C. Schwacofer, Secretary. 



Thomas Tileston, 
Matthew Morgan, 
Samuel D. Babcock, 



Directors. 

Hamilton Blydenburgh, 
Nathan F. Dixon, 
William H. Macy, 



Wm. F. Gary, 
Samuel Sloan, 
Giles F. Ward. 



PROVIDENCE, WARREN AND BRISTOL RAILROAD. 

From Providence to Bristol, R. I 14 miles. 

Connecting with the different lines of railway diverging from Providence, and 
steamers for Newport. 

This road is operated under lease by theBoston and Providence Railroad Com- 
pany. 
The total cost of road, equipment and real estate, up to Nov. 30th, 

1858, is $436,256 

equal to $31,161 per mile. 

Represented by : 

Capital stock paid in $287,917 

Bondeddebt 109,937 

Floating" $36,139 

$433,993 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov 30 1857. 1858. 

Receipts $32,745 $23,006 Dec. $9,739 

Operating expenses 24,565 21,218 " 3,347. 

Net earnings $8,180 $1,788 " f 6,392 



VERMONT AND MASSACHUSETTS RAILROAD. 291 



Falling off in receipts in 185S, 30 per cent. 

" net earnings in 1858, 78 per cent. 

185 

Net income from gross receipts, per cent, 
" on cost of road, per cent . . 

Deficiency of income to pay interest 
on debt and running expenses (upon 
capital stock), per ct 

Net earnings on length of road, per mile. 



25„01 
1„86 



0„27 
$584 



1858. 

7„77 

,.40 



2„42 

$128 



Dec. 17„24 
" 1„46 



Inc. 2„15 
$456 



C. T. Childs, President. 



A. D. Smith, 
Robt. H. Ives, 
Marshal Woods, 



OFFICERS. 

L. Chappoti: 

Directors. 

C. T. Childs, 
Leon Chappotin, 
Wm. Goddard, 



Secretary and Treasurer. 



S. W. Church, 
T. G. Turner, 
W. Phelps. 



VERMONT AND MASSACHUSETTS UAILBOAD. 



Main line, from Fitchburg to Brattleboro' 69 miles . 

Greenfield Branch, from Grout's Corners to Greenfield 8 " 



Total length 77 miles. 

Connecting at Fitchburg with the Fitchburg Railway. 

" " Fitchburg and Worcester Railway. 

Ashburnham " Cheshire " 

Grout's Corners with the Greenfield Branch " 

South Vernon " Ashuelot " 

" " Connecticut River " 

Brattleboro' " Vermont Valley " 

Greenfield ' : Connecticut River " 

" " Troy and Greenfield " 

The cost of the road, including equ : pmeat and other appurtenances, 
up to 30th November, 1858, is $3,516,661 

equal to $45,671 per mile. 

Represented by : 

Capital stock paid in $2,214,225 

Bonded debt, 6's, 1865 1,003.675 

Floating" 6,500 

$3,224,400 

This road, if its business for the past ten years can be taken as a guide, has no 
natural advantages for revenue ; in fact, it is so limited that, with the exception 
of Satur .ays, one daily train each way has been found sufficient to accommodate 
all the traffic- tjat can be drawn to it. It has never paid a dividen i, and its earn- 
ings for the past two years have been barely sufficient to pay the working expen- 
ses and interest on its mortgage deui. The future prospects of this road are very 
unpromising for its stockholders. 



292 capitalist's guide and railway annual. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Gross earnings $247,471 $225,080 Dec. $22,391 

Operating expenses 151,844 120.043 Inc. 31,801 

Net earnings $95,527 $105,037 Inc. $9,510 

Falling off in receipts in 1858, 9 per cent. 
Increase in net earnings " 10 " 

1857. 1858. 

Net income from gross receipts, per cent 34,,66 46„79 Inc. 12„13 

" on cost of road, per ct 2„73 2„98 " „25 

" on capital stock, after allowing for 

interest on debt, per cent 1 5) 56 2,, " ,,44 

Net earnings on length of road, per mile $1,241 $1,364 " $123 



OFFICERS. 

Thos. Whittemore, President. John Rogers, Treasurer. 

D. B. Locke, Secretary. Otis T. Ruggles, Superintendent. 

Directors. 

Thos. Whittemore, D. N. Carpenter, James Cheever. 

John J. Swift, Joseph Goodhue, 



NEW BEDFORD AND TAUKT0N RAILROAD. 

From New Bedford to Taunton, Mass 20 miles. 

Connecting at Taunton with the Middleboro' and Taunton Railway. 
" My ricks " Old Colony and Fall River " 

" N. Bedford " Steamers for Wood's Hole and Edgartown. 

The whole cost of road, equipment and real estate, up to Nov. 30, 
1858, is $544,965 

equal to $27,298 per mile. 
Represented by : 

Capital stock paid in $500,000 

Floating debt 12,600 

Surplus earnings 38,949 

$551,549 

This is a regular dividend-paying road, having divided 6 per cent, for a number 
of years. Its surplus is equal to $7 79-100 per cent, upon the capital stock of the 
company. It has no bonded debt, and the amount paid out for interest money in 
1858 was but $838, showing that the finances of the company are in a healthy 
and prosperous condition. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Gross earnings $106,836 $88,443 Dec. $18,393 

Operating expenses 71,000 58,636 " 12,364 

Net earnings $35,836 $29,807 " $6,029 



FITCHBURG AND WORCESTER RAILROAD. 293 

• 

Falling off in gross receipts in 1858, 17 per cent. 
" net earnings " 17 " 

1857. 1858. 

Net income from gross receipts, per cent 33.,50 33,,99 Inc. ,,49 

41 on cost of road, &c, " 6, ,60 5„45 Dec. 1„15 

' ■' for stockholders, per cent 6„77 5,,77 " 1„ 

Net earnings on length of road, per mile. . . $1,792 $1,490 " $302 



OFFICERS. 
Hon. Joseph' Grinnell, President. A. E. Swasey, Superintendent. 



FITCHBURG AND WORCESTER RAILROAD. 

From Sterling Junction (Worcester and Nashua Railroad) to Fitch- 
burgh, Mass 14 miles. 

Connecting with the Worcester and Nashua Railway, and the other roads diverg- 
ing from Worcester and Kitchburg. 

Total cost of road to November 30, 1858 $329,921 

which includes equipment, and is equal to $23,566 per mile. 
Represented by : 

Capital stock paid in $235,606 

Funded debt 64,200 

Floating " , 1,535 

$301,341 



Surplus earnings in 1856 $240 

1857 5,504 

1858 7,812 

$13,556 

For the want of a balance sheet, this amount cannot 
be explained $15,024 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Receipts in 1857 $37,849 

1858 35,476 

Decrease in 1858 $2,373 equal to 6„28 per cent. 

Expenses and interest in 1857 '. $27,317 

« « 1858 22,657 

Decrease in 1858 $4,660 equal to 17 

Net earnings in 1858 $12,819 

1857 10,532 

Increase in 1858 $2,287 equal to 21 1 " 

25* 



294 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

1857. _ 1858. 

Net income from gross receipts, per cent 38,,05 46,,75 Inc. 8,,70 

" on cost of road, " 4„78 "T5„ " „22 

for stockholders, " 4„57 ?5„48 " „91 

Net earnings on length of road, per mile $1,024 $1,177 " $153 

Office. , Fitchburg, Mass. 



OFFICERS. 
Ives Phillips, Pres and Sup't. Charles Wilder, gSec'y and Treas'r. 

Directors. 
Ives Phillips, W. D. Cheever, Wm. D. Peck, 

Nathaniel Wood, Jas. H. Carter, Samuel Houghton. 

Joseph Haskell, 



ESSEX RAILROAD. 

From Salem to Lawrence, Mass 20 miles. 

Connecting at Salem with the Eastern Railway. 

" South Dan vers with the South Reading Branch Railway. 

" North Danvers " Newbury port " 

" North Andover " Boston and Maine " 

" Lawrence " Manchester and Lawrence " 

M " Lowell and Lawrence " 

This road is operated by the Eastern Railway. Its cost, including 

appurtenances, up to 30th November, 1858, is $747,009 

equal to $37,350 per mile. 

Represented by : 

Capital stock paid in $299,108 

Funded debt 277,961 

Floating " 197,423 

$774,492 

The affairs of this company are anything but encouraging to its stockholders : 
and as long as its revenue continues upon the limited scale of the past two years, 
its floating debt must steadily increase, instead of being diminished. The road 
has never earned a dividend, nor has any ever been declared. It was opened 
for traffic in 1849. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Gross receipts $69,909 54,745 Dec. $15,164 

Operating expenses 53,808 42,450 " 11,358 

Net earnings $16,101 $12,295 " $3,806 

Falling off in receipts in 1858, about 21 5 per cent. 
Decrease in net earnings " " 24 " 



VERMONT CENTRAL RAILROAD. 



295 



1857. 1858. 

Net income from gross receipts, per cent 23,,04 22„60 Dec. „44 

" on cost of road, " 2„16 1,,65 " „51 

Deficiency of income to meet interest on debt and 

expenses of the road, upon capital stock, pr ct 3,,06 4,, 10 Inc. 1„04 

Net earnings on length of road, per mile , $805 $614 Dec. $191 



OFFICERS. 

David Pingree, President. John B. Parker, Treasurer, &c. 

Jeremiah Prescott, Superintendent. . 



David Pingree, 
S. A. Chase, 



Directors, 

N. B. Mansfield, 
N. Weston, 
H. G. Gray, 



J. A. Sanderson, 
Eben'r Sutton, 



VERMONT CENTRAL RAILROAD. 



From Windsor to Burlington 118 miles. 

Connecting at Essex Junction with the Vermont and Canada Railway. 

" Burlington " Rutland and Burlington " 

" White River Junction with the Connecticut and Passumpsic Rivers 

Railway. 

This company, in 1850, leased the Vermont and Canada road, extending from 
Essex Junction to Rouse's Point — 47 miles — at an annual rent of 8 per cent, upon 
the capital stock, making the distance operated by the two roads 165 miles. It 
has, however, been laboring under financial embarrassments for several years, 
and for most of the time it has been in the hands of the trustees of the 1st Mort- 
gage bondholders. 

The financial condition of the trust fund on 1st July, 1858, is as follows : 

Due by trustees $130,956 

Less bills receivable on hand 86,025 

Net indebtedness $44,931 

BUSINESS OF i HE ROAD *OR THE PAST TWO YEARS. 

Fiscal year ending June 30 1857. 1858. 

Receiptsfor the year, both roads $808,327 $705,837 Dec. $102,490 

Expenses 658,719 597,319 " 61,400 

Net earnings $149,608 $108,518 " $41,090 

Falling off in gross receipts in 1858, about 11| per cent. 
Decrease in net earnings in " " 27 " 

1857. 1858. 

Net income from gross receipts, per cent.. . . 18,,51 15,,38 Dec. 3„13 

" on cost of the two roads, per ct. 1, 5 53 IjjH " ,,42 

Deficiency of income to meet expenses and 
pay interest on debt (upon capital stock), 
percent 4„20 5„00 Inc. „80 



296 capitalist's guide and railway annual. 

Net earnings on length of roads operated, 1857. 1858. 

permile $907 $658 Dec. $249 

The loss of business by competing lines has diminished the revenue during the 
past year 27 per cent. This coming at a time when the trustees were overcoming 
the trials and embarrassments resulting from the bad condition of the track and 
rolling stock for several years is discouraging to the bondholders of the Vermont 
Central, as well as to the stockholders of the Vermont and Canada road, whose 
track is operated by the Vermont Central corporation. 

The results of the last two years' business show too plainly the true character 
of all the Vermont roads. Here is an expenditure of nearly $10,000,000 upon 
the two lines, and yet unable to show but about $108,518 in net profits for a whole 
year's business, or'l5 per cent, of the revenue ; the remainder being absorbed by 
expenses and renewals. The business seems to be that of freight mostly moving 
eastward. The passenger traffic is much reduced. The deficiency of income is 
ascertained by a computation of interest on the funded debt and the rent of thd 
Vermont and Canada road, and deducting therefrom the net earnings. 



Trustees. 

J. Smith, L. Brainerd, G. M. Dexter. 

(On behalf of 1st Mortgage bondholders.) 



SOUTH SH0KE UAILKOAD. 

From Braintree to Cohasset, Mass Hi miles. 

Connecting at Braintree with the Old Colony Railway. 

Cost of road, including equipment, up to Nov. 30, 1858 $501,593 

equal to $43 530 per mile. 

Represented by : 

Capital stock paid in $259,685 

Fundeddebt 160,810 

Floating" 3,069 

Surplus profits 38,072 

1 $461,636 

The surplus earnings are appi-opriated annually to the reduction of the funded 
debt. No dividends have been paid since 1851. 

BUSINESS OF THE ROAM FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 

Gross receipts $43,073 

Operating expenses 26,289 

Net earnings $16,784 

1857. 

Net income from gross receipts, per cent 36„71 

" on cost of road, per cent 3, ,35 

" for stockholders, per cent 2,,44 

Net earnings on length of road, per mile $1,459 



1858. 

$37,899 

21,387 


Dec 


$5,174 
4,902 


$16,512 


a 


$272 


1858. 

43„73 
3„34 
2„55 


Inc. 
Dec. 
Inc. 


7„02 

01 

„11 


$1,436 


Dec 


$23 



NEW LONDON, WILLIMANTIC AND PALMER RAILROAD. 297 

OFFICERS. 

W.m. Humphrey, President. Gilman Davis, Treasurer. 

John W. Loud, Secretary. L. Souther, Superintendent. 

Directors. 

Wm. Humphrey, Joseph Loud, Jr., "VVm. Sohter, 

Jas. C. Doane, Laban Souther, Elliott L. White. 

John W. Loud, Charles Humphrey, 



NEW LONDON, WILLIMANTIC AND PALMER RAILROAD. 

From New London, Conn., to Palmer, Mass 66 miles. 

Connecting at New London with the New Haven. N. L. and Stonington Railway. 
" Norwich " Norwich and Worcester " 

" Willimantic " Hartford, Providence and Fishkill 4; 

Palmer " Western " 

" " " Amherst, Belchertown and Palmer sl 

The financial condition of this road is not very flattering to its shareholders. 
The company is delinquent in providing the means for the interest upon its mort- 
gage and income bonds. There is, up to 1st November, 1858, 18 months' interest 
due on the 1st mortgage bonds, and three years on the 2d and income bonds, 
which should appear as a floating liability of the company in its balance sheet. 
The back interest is as follows i 

1| years on $500,000 1st Mortgage 7's $52,500 

3 " 300,000 2d " 6's 54,000 

3 " 152,000 Income 6's 27,360 



$133,860 



The company has never paid dividends. 



BALANCE SHEET. 
Fiscal Year ending November 1, 185S. 



Dr. 


Office, New London. 


Cr. 




$1,561,241 
5.453 
1.990 
3,494 
2,969 


Capital stock 


$.510,900 

1.055,600 

272 

8,375 




Materials and Fuel 

Due bv note and acc'nts. 
Cash 


Floating debt 






$1,575,147 


$1,575,147 



Equal to $23,655 per mile. Equipment consists of 5 Locomotives ; 5 Passen- 
ger, and 167 Freight cars. 

1st Mortgage Bonds. 7's $500,000 

2d " " 6's 300,000 

Income " 6's 152,000 

N. London City Bds. 6's 100,000 

Mortgage on West Neck property 3,600 

$1,055,600 



298 capitalist's guide and railway annual. 



Dr. 




INCOME ACCOUNT. 


Cr 




1857. ~ 


1858. 


Gross earnings .... 
Construction acc't. 
Balance, profit and 


1857. | 18-58. 


Operating expen- 
ses 

Renewals of road. . 
Interest 


$69,441 

9,350 

41,176 


$57,235 
16,337 
23,068 

7,774 


$115.803 ! $104,464 
1,249, 

2,915 


Balance, profit and 










$119,967 


$104,464 


$119,967 $104,464 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 1 1857. 1858. 

Gross receipts $115,803 $104,464 Dec. 

Expenses 69,441 57,235 

Net earnings $46,362 $47,229 Inc. 

Falling off in gross receipts in 1858, about 9| per cent. 
Increase in net earnings in 1858, nearly 2 " 

1857. 1858. 

Net income from gross receipts, per cent 39,,88 45„41 

" " on cost of road, &c, " 2„97 3„02 

Deficiency of income to meet interest and run- 
ning expenses, on capital stock, per cent 6„16 7„37 

Net earnings on length of road, per mile $702 $715 



$11,339 
12,206 

$867 



Inc. 



5„53 

05 

1„21 
$13 



OFFICERS. 

Thos. W. Williams, President. John Dickinson, Treasurer, &c. 

W. R. Storrs, Superintendent. 



Thos. W. Williams, 
W. A. Weaver, 
Rial Chaney, 
Wm. H. Starr, 



Directors. 

Daniel Latham, 

E. V. Stoddard, 

F. W. Holt, 
Daniel Rogers, 



H. B. Norton, 
Willis Phelps, 
D. T. Wittets. 



CHARLESTON AND SAVANNAH MILROAD. 

From Charleston, S. C, to Savannah, Ga 102 miles. 

In operation, from Charleston to Jacksonboro' 30 miles. 

Under contract, from Edisto river to Savannah 72 " 

Total distance 102 miles. 

This road commences from St. Johns, opposite the city of Charleston, and ex- 
tends through Colleton and Beaufort districts above the rice fields, crossing 
the Savannah river about 13 miles above Savannah, and intersecting the Central 
Railroad leading from Savannah to Macon. 

This road, when completed, will be a valuable auxiliary to the lines diverging 
from Charleston and Savannah ; but it does not appear to shorten the distance from 



CHARLESTON AND SAVANNAH RAILROAD. 299 

Charleston to Central Georgia, or offer any additional facilities for the up coun- 
try trade than are now enjoyed by the aid of the South Carolina and Georgia 
railroads connecting at Augusta. 

In addition to the iron laid down to the Edisto river, there is bought and paid 
for 2,390 tons, sufficient to complete the track to the Ashepoo river. The com- 
pany have contracted for 2,000 tons more (of American manufacture), to be de- 
livered in Charleston before the 1st of July, 1859. Nearly all the grading is com- 
pleted north of Grahamville, aud that south to the point of intersection with the 
Central (Georgia) Railway will be finished by the 1st August. It is the inten- 
tion of its projectors to have the whole line in operation by 1st January, 1860. 



BALANCE SHEET. 

Fiscal Year ending December 1, 1858. 

Dr. Office, Charleston, S. C. Cr. 



pany . 
Cash... 




1. On account of construe- 1 Capital stock j $706,?65 

tion and equipment.. . $835,060 | 5. Bonded debt j 155.000 

2 Stock in other roads .... 250,000 6. Floating debt j 236.094 

3. Debts due to the coin- : 7. Profits from traffic ' 1,151 



$1,098,610 $1,098,610 



1. Construction and equipment $587,994 

Right of way and real estate 130,938 

Engineering 46,395 

Interest and commissions 38,010 

Legal advice, expenses, &c 31 ,723 

$835,060 

Equipment consists of 4 Locomotives ; 3 Passenger, 4 Freight and 2 Hand 
cars. 

2. Received from the State, in aid of her subscription, $200,000 of the Wihniug-" 

ton and Manchester Railroad stock : is not available at present. 

3. Bills Receivable $10,025 

Advanced to contractors 2,579 



4. Subscribed by City of Charleston $260,000 

" " State of South Carolina 270.000 

" individuals and companies 152,965 

" contractors (in work) 23,400 

5. Mortgage bonds endorsed by State of South Caro- 

lina $100,000 

Mortgage bonds, 7's 55,000 

6. Bonds payable, right of way and real estate $40,267 

Bills payable, iron, right of way, &c 131.497 

Accounts 16.540 

Due contractors, work done 25.223 

" " reservations * 22,567 

7. Earnings, 53 days' work 2,077 

Expenses, " " 926 



$12,604 

$706,365 
$155,000- 

$236,094 
$1,151 



300 capitalist's guide and railway annual. 

officers. 

Thomas F. Drayton, President. Edward L. Parker, Sec. & Treasurer 

Edward Manigault, Chief Engineer. 



Charles Macbeth, 
George W. Williams, 
W. F. Colcook, 
Otis Mills, 



Directors. 

Jas. B. Campbell, 
W. B. Hodgson, 
W. E. Martin, 
L. T. Porter, 



T. M. Wagner, 
Henry Gourdin, 
Edmund Rhett, 
R. Bradley. 



CLEVELAND AND PIT1SBUEG RAILEOAD. 

Main line, from Cleveland to Wellsville, Ohio 101 miles. 

Beaver Extension, from Wellsville to Rochester, Pa 22 " 

Wheeling " " " Belle Air, Ohio 46 " 

Tuscawarras Br., " Bayard to New Philadelphia 32 " 

Hanover " " Hanover Station to Hanover 2 " 

Total length operated 203 miles. 

Connecting at Rochester with the Pittsburg, Fort Wayne and Chicago Railway. 

" Wellsville " Steamers up and down the river. 

" Steuben ville " Steubenville and Indiana Railway. 

" " " Pittsburg and Steubenville " 

" Bridgeport " Baltimore and Ohio " 

" " Hempfield " 

" Belle Air " Ohio Central " 

" Alliance " Pittsburg, Fort Wayne & C " 

" Hudson " Akron Branch " 

" " " Painesville and Hudson " 

" Cleveland " Cieveland, Painesville and Ashtabula Railway . 

" " " Cleveland and Toledo " 

" " " Cleveland, Columbus and Cincinnati " 

" " " Cleveland and Mahoning " 

" " " Steamers for Buffalo, Detroit and Marquette. 

It will be seen that few roads possess greater advantages in connections and 
tributaries. The main line connects the lakes with the Ohio river. Its river 
branches unite at Wellsville with the main track, thus forming lines extending 
to three terminal points — Pittsburg, Wheeling and Cleveland — all great distrib- 
uting centres. At Pittsburg the connection with the Pennsylvania Central gives 
a short route to Philadelphia and New York ; at Wheeling the same facilities are 
enjoyed by the Baltimore and Ohio road to Baltimore and Washington. The 
Ohio Central and Steubenville and Indiana roads furnish through lines to Colum- 
bus and Cincinnati, while at Cleveland another route to the Eastern cities is 
■offered by the Lake Shore roads and steamers, as well as a through line to the 
northwest by the Cleveland and Toledo road. 

Unfortunately, this road became involved with the Ohio Life and Trust Com- 
pany, its fiscal agent ; and when that company failed in 1857, it was its creditor 
for a large amount. Frequent attempts have been made for the adjustment of the 
debt, in order to ascertain the amount involved, and nothing now stands in the 
way but the want of authority on the part of any person to act in behalf of the 
Trust Company, in consequence of a conflict of jurisdiction between the courts of 
the United States and of the State of Ohio. In the meantime, the Cleveland and 
Pittsburg Company was forced to dishonor its obligations, and became exten- 
sively embarrassed in its operations. The franchise of the road was too valuable 



CLEVELAND AND PITTSBURG RAILROAD. 



301 



to pass out of the control of the stockholders, and energetic measures were de- 
vised to rescue the company from the peril of foreclosure. By rigid economy in 
working the road, its indebtedness has been reduced $137,01*7 during the year, 
which includes the past due mortgage interest due at the commencement of 1858, 
so far as presented, as well as the principal portion of the same, due in 1858. The 
revival of general business must largely contribute to the revenue of a road so 
advantageously situated for traffic as this ; and with the industry and business 
experience of 'its able chief executive officer, its affairs will no doubt continue to 
improve, and compensate the unfortunate stockholder for patiently holding on. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending November 30, 
Office, Cleveland, O. 



1858. 



Cr. 



1. Cost of road, equipment, 

real estate, &c 

Materials and fuel 

Telegraph line 

2. Debts due the company. 

3. Bonds 

4. Massillon Bank 

5. Ohio Life Insurance and 

Trust Co 

Cash 



$9,157,233 
9.551 
145,056 
71,345 
89,000 
52,130 

124.024 
12,764 



$9,661,103 



Capital stock ' $3,942,369 

Stock scrip and divi-j 

. . i 49,827 

..[ 4.918.326 

. . | 653,823 

96,760 



dends. 
Bonded debt. . . 
Floating debt. . 
Iucome account. 



$9,661,103 



1. Equal to $45,110 per mile. Equipment consists of 44 Locomotives ; 50 Pas- 

senger, baggage and express ; 318 House freight, 433 Platform and Gondola, 
53 coal, and 102 Service cars. 

2. Bills Receivable $7,792 

Accounts 63,553 

$71,345 

3. Beaver County Bonds (hypothecated) $31,000 

" 7,000 

Wheeling " 41,000 

Allegany Co. " 10,000 

$89,000 

4. In judgment, probably worthless, as directions have been given to charge the 

amount to construction account. 

5. This item, as well as $58,000 of the bonds in the foregoing list, are on the led- 

ger, but will be charged to other accounts when a settlement is effected with 
the Ohio Life and Trust Co. and C. W. Rockwell. 

6. 1st Mortgage on old line, due I860, 7's $S00,000 

2d " " and 1st on extensions, due 

1873, 7's 1,189,000 

3d " " and 2d on extensions, due 

1875, 7's 1,165,000 

4th " " and 3d on extensions, and 

1st on 4^ miles of road from Bridgeport to Belle 
Air, and on contemplated extension from Roches- 
ter to Manchester, opposite Pittsburg (2 miles 
built), and on all the company's property in and 

about Manchester 1,154,000 

Income bonds 118,500 

Dividend " and scrip 491,825 

$4,918,325 

26 



302 capitalist's guide and railway annual. 

7. Bills Payable $653,822 

In addition to the floating debt, there appears to be unpaid of the interest fall- 
ing due in 1857 and 1858, on bonds secured by the three mortgages, $81,557. 
Of this amount, about one-half fell due November 1, 1858, on the 3d mort- 
gage bonds, and more than one-half of the remainder September 1, 1858. It 
is believed that most of the coupons of 1857, which appear to be unpaid, are 
not outstanding against the company, but will be cancelled when received 
from the Trust Company. There should be added to the above the ac- 
crued interest on the remainder of the funded debt, which is without any 
or only partial security, covering a period averaging 18 months, which would 
amount to about $185^000. 

HUSLVESS OF THE ROAD FOR TBE PAST TWO YEARS. 

Fiscal year endng Nov. 30 1857. 1858. 

Gross earnings $739,924 $772,094 Inc. $32,170 

Operating expenses 443,957 440,000 Dec. 3,957 

Net earnings $295,967 $332,094 Inc. $36,127 

Increase in gross receipts in 1858, 4„35 per cent. 
M oet earnings " 12„21 " 

1857. 1858. 

Net income from gross receipts, per cent 40,, 43„11 Inc. 3,, 11 

" oncost of road. " 3„23 3„64 " „41 

Deficiency of revenue to meet expenses and inter- 
est accruing on debt (upon capital stock), prct. 2,,40 1„47 Dec. ,,93 

Net earnings on length of road and branches, 
per mile $1,465 $1,644 Inc. $179 

OFFICERS. 

J. N. McGullouoh, Pres't and Sup't. Edward Rockwell, Sec. and Tread. 

Directors. 

J. N. MoC'nLi.oroH, Henry W. Clark, J. S. DrLwoRTH, 

Zalmom Fitch, D C List, B. Drennan, 

Jas. S. F. Clark, J. Pexnock, H. C. Kinoslet. 

James Farmer, Hiram Stow, 



NAUGATUCR RAILK0AD. 

From Naugatuek Junction (N. Y. & N. H. R. R.) to Winsted, Ct.. . 57 milea. 

Connecting at Bridgeport and Junction with the N. York and N. Haven Railway. 
" Bridgeport with the Housatonic Railway. 

" Waterbury " Hai tford, Providence and Fishkill " 

The affairs of this road are managed with economy, and a fair dividend upon 
Its cost has been earned. The surplus profits undivided are equal to 20,, 07 per 
cent, upon the capital. 

Capital stock paid in $1,031,800 

Funded debt 4:37,550 

Floating " 30.713 

Surplus earnings. 206,739 

$1,706,802 



INDIANAPOLIS AND CINCINNATI RAILROAD. 303 

Represented by : 

Cost of road and equipment $1,578,301 

equal to $27,690 per mile. 

Equipment consists of 7 Locomotives ; 15 Passenger and baggage, and 178 
Freight cars. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending December 31 1856. 1857. 

Gross receipts $237,416 $209,555 Dee. $27,861 

Operating expenses 123,179 121,372 " 1,807 

Net earnings $114,237 $88 ; 183 - $26,054 

Falling off in gross receipts in 1857, about 22 per cent. 
Decrease in net earnings " 23 " 

1856. 1857 

Net income from gross receipts, per cent 48„10 42„ Deo: 6„10 

" on cost of road and equipment, per 

cent 7„27 5.,60 M 1„67 

for stockholders, per cent 10„10 6„50 M 4„60 

Net earnings on length of road, per mile $2,004 $1,547 " $457 

Owing to the maturity of nearly the whole of its funded debt, the company has 
reserved its surplus earnings for the liquidation of such portion as could net be ex- 
tended by the exchange of new bonds for those that matured in 1857 and 1858. 
These returns do not embrace the business of the road or its financial condition 
for the current year of 1858, the compiler being unable to get a response to his 
application for such information. Fortunately, instances of neglect of this kind 
are very rare, and almost exclusively confined to the smaller roads. 



OFFICERS. 

Wm. D. Bishop, President. Ira Sherman, Secretary. 

A. L. Dennis, Vice President. Horace Nichols, Treasurer. 

Directors, 

Wm. D. Bishop. A. L. Dennis, Geo. Hendricks, 

E F. Bishop, Rtjssel Tomi.inson, D. A. Wood. 



INDIANAPOLIS AND CINCINNATI RAILROAD. 

From Cincinnati to Indianapolis 110 miles. 

Connecting with the steamers on the Ohio river, and the various lines of railway 
diverging from Cincinnati and Covington, 
at Ohio and Miss. Junction with the Ohio and Miss. Railway. 
Shelbyville with the Shelbyville Lateral Railway. 
Columbus and Shelbyville " 
" " Knightstown and Shelby " 

Indianapolis " Seven different lines of road diverging from 
that city. 

This road has a running connection with the Ohio and Mississippi Company for a 
period of thirty years for 20 miles of track, which precludes the necessity of an inde- 



304 capitalist's guide and railway annual. 

pendent line into Cincinnati. The two roads divide receipts on the joint business 
in proportion to the distance carried on each. The track and rolling stock are in 
excellent condition ; and although the gross earnings have fallen off about 23 per 
cent , the road earned for its stockholders 7,, 86 per cent. 

Dividends were suspended in 1853, but there is every prospect of a resumption 
in July, 1859, the company being now easy in its finances, with a gradual dimi- 
nution in the amount of its floating debt. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending December 31, 1858. 

Office, Indianapolis, Ind. 



Cr. 



1. Cost of road, main line. 


$2,497,952 


Capital stock 


$1,689,900 


Cost of road, Union rail- 




4. Bonded debt 


1,362.284 




25,6S9 




140,6S9 
265,235 


2. Cost of equipment and 
telegraph 




540.043 




Real estate not in con- 








struction account 


241,155 






8 Materials and fuel 


40,811 






Bills receivable 


91,429 






Due from other roads 








and individuals 


18,029 








$3,458,108 


$3,458,108 



1. Cost of road, $22,709 per mile ; including equipment and Union road, $27,851 

per mile. 

2. Consists of 23 Locomotives ; 23 Passenger and baggage, and 293 House and 

Platform cars. 



3. Materials 
Fuel 



$24,527 
16,284 



4. 1st Mortgage 7 per cent. Bonds $500,000 

2d » 7 " " 400,000 

R. E. Mortgage 7 " " of 1858 200.D00 

Dividend 7 " " 86 284 

Incomo and Domestio " 176,000 



5. Bills Payable, less cash on hand. 
Unclaimed dividends 



136.608 
4,081 



$40,811 



$1,362,284 



$140,689 



Du. 

| 1857. 

Operat'g expert's. ; $237,098 

Interest I 90,584 

Dividends' J u 1 v, I 

1856 ! 64,000 

Dividends Janr'y, i 

1857 85,000 

Surplus ! 53,277 

; $579,959 



INCOME ACCOUNT. 



Cr. 



1858. 

$218,024 
98,000 



132,834 

$148,858 



Gross earnings. 



1857. 



1858. 



$579,959 $448,858 



$579,959! $448,858 



HEW HAVEN, NEW LONDON AND STONINGTON R. R. 305 

BUSINESS OF THE ROAD *OK i'at EAtJl 1 TWO YEal<6. 

Fiscal year ending December 31 1857. 1858. 

Receipts $579,959 $148,858 Dec. $131,101 

Operating expenses 287,098 218,024 " 69,074 

Net earnings - $292,861 $230,834 " $62,027 

Falling off in gross receipts in 1858, about 23 per cent. 
Decrease in " " " " 21 " 

1857. 1858 

Net income from gross receipts, per cent 50,, 49 51, ,52 Inc. 1„03 

" on cost of road and outfit, per 

cent .' 9„57 7,,51 Dec. 2„03 

" for stockholders, per cent 11, ,96 7„S6 M 4„10 

Net earnings on length of road per mile $2,662 $2,098 " $564 



OFFICERS. 

Henry C Lord, Pres. and Sup't. Alex. Worth, Secretary. 

Wm. O. Rockwood, Treasurer. 

Directors. 

H. C Lord, Nathaniel Wright, 0. S. Stevenson, 

G T. Stedman, R. H. Manning, L. B. Lewis, 

S. Wiggins, T. A. Morris. A. R. Forsythe. 



NEW HAVEN, NEW LONDON AND ST0NINGT0N RAILROAD. 

From New Haven to Stonington 61 miles. 

The extension of the road from the Thames river, opposite New London, to 
Stonington, 11 miles, opens a new route to Boston. It connects at 

Stonington with the New York, Providence and Boston Railway. 
New Haven " New York and New Haven " 

" " Hartford and New Haven " 

New London " Norwich and Worcester " 

" " New London, Willimantic and Palmer " 

The cost of the main line, from New Haven to New 

London, including equipment, is $1,454,040 

Norwich extension 16,621 

$1,470,661 

equal to $29,413 per mile. 

Represented by : 

Capital stock paid in $738,533 

7 per cent, bonds $450,000 

6 " " 200,000 

10 " " 100,000 

750,000 

$1,488,538 

Exoee* of liabilities $17,877 



30G capitalist's guide and railway annual. 

Iii addition to which there was due, on 1st January, 

1S5S, for interest warrants past due $42,952 

Debt against the company 5,458 

$48,410 

Total $66,287 

The assets of the company were : 
Vermont Valley Railroad Bonds and interest accrued. . $11,050 

Lands not required for railroad purposes 500 

Debts due the company 333 

Cash and cash items 6,536 

New London wharf $12,200 

Mortgaged for 8,000 



4,200 



$22,619 



Deficiency of means $13,668 

This amount is further increased at the close of the current year's business for 
1858, as the net earnings for the year amounted to only $8,940. If this sum 
is deducted from the annual interest (31,500) upon the company's 1st mortgage 

bonds due in March and September, the deficiency will be $22,560 

To which add the other warrants unpaid for 1858 22,000 

U aking the deficiency up to 1st January, 1859 $88,228 

equal to about 12 per cent, upon the capital stock of the road. 

EXTENSION ROAD. 

Amount expended to 1st January, 1858 $209,199 

" estimated to complete the line 150,000 

Total cost, exclusive of ferry boat at New London $359,199 

Means applicable for same : 

Stock collections $206,704 

Bills Payable 13,956 

Interest on notes received in payment of stock 354 



$221,014 



Deficiency of means $138,185 

which, if added to that of the old line, will make a total of $226,413 

To raise this sum, a mortgage has been executed on the extension road with its 
equipment, together with all the rights and privileges appertaining to the same, 
for $2(»0.000 ; and the legislature of Connecticut has been applied to for power to 
issue $200,000 7 per cent, bonds, to cancel the 10 per cent, bonds maturing in 
July, 1859 (for $100,000), and for the purpose of paying off all outstanding obli- 
gations, wiih the exception of past due interest warrants. In regard to these, 
*• the dir-ctors recommend that the holders of the first and second mortgage 
bonds extend or fund for five years, the coupons which tell due September, 1857 ; 
January. March and July, 1858 — in all, amounting to the sum of forty-three 
thousaud five hundred dollars, the same to bear interest from the date of falling 
due." 

The company appears to rely upon a largely increased traffic from the connec- 
tion with the Stonington and Providence l\ailroad, the receipts thus far being in 
exoess of those last year 45 per cent , with only partial arrangements for the 
through business consequent upon the completion of the extension. The 1st of 
April, 1859, is the time set for the perfection of the new line. 



CAMDEN AND AMBOY RAILROAD. 307 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending December 31 *1S57. 1858. 

Receipts $90,090 $76,758 Dec. $13,332 

Operating expenses 60,285 67,818 Inc. 7,533 

Net earnings $29,805 $8,940 " $20,865 

The report of this year embraces a period of 21 months. B3' taking the aver- 
age, the compiler is enabled to present a comparison for the year, which, however, 
may differ from the actual receipts and expenditures. 
Falling off" in receipts in 1858, nearly 15 per cent. 
Decrease in net earnings " " 30 " 

1857. 1853. 

Net income from gross receipts, per cent 33,,12 11„65 Dec. 21„47 

" on cost of road and appurtenances, 

percent 2„03 „61 " 1„42 

Deficiency of revenue to meet interest upon 

capital stock, per cent 3,,21 6,,04 Inc. 2„83 

Net earnings on length of road, per mile $596 $179 Dec. $417 



OFFICERS. 

C. S. Bushnel, President. E. C. Scranton, Treasurer. 

W. T. Bartlett, Sec'y. Richard N. Dowd, Sup't. 

Directors. 

C. S. Bushnel, Charles Mallory, Chas. C. Griswold, 

E. C. Scranton, Sumner Bull, James J. Day, 

A. O. Wilcox, Chas. J. McCurdy, Willis Blackstohe. 



CAMDEN AND AMBOY BAILR0AD, 

And Delaiuare and Raritan Canal Company. 

Railroad— ■Main line, from South Amboy to Camden, N.J 61 miles. 

Branch line, from New Brunswick to Bordentown, N. J 32 " 

Total Railroad 93 miles. 

Canal — From Bordentown to New Brunswick 43 " 

The railroad, or so much of it as extends from New Brunswick to Camden, 
forms, with the New Jersey Railway, a very important link in the land route 
from New York to Philadelphia, and the great southern line along the seaboard. 
It is also an integral part of the Philadelphia line, leaving New "\ ork at 8 AM. 
and 4 P.M., through Trenton and Bristol, over the Philadelphia and Trenton 
Railway. On the main line, the connections are with New York by steamboats 
for South Amboy at pier No. 1, North river ; at Jamesburg with the Freehold 
and Jamesburg ; at Bordentown with the Trenton branch ; at Mount Holly Junc- 
tion with the Burlington and Mount Holly ; and at Camden with the Camden 
and Atlantic Railways. 

This is one of the oldest roads in the Union, having been chartered in Febru- 
ary, 1830. The canal charter was obtained at same session for 30 years ; rates 
of toll not to exceed four cents per ton per mile on merchandise, and five cents per 
mile for passengers ; no rival route to come within five miles at any point ; capi- 



tal $1,000,000, with privilege to increase it to $1,500,000 At the expiration of 
30 years from completion, the canal and its fixtures to be appraised, and sold to 
the State at cost. A transit duty of eight cents per ton on all merchandise, and 
the same for every passenger transported, to be paid into the State treasury quar- 
terly. The stipulations, so far as relates to amount of capital, power to increase, 
and its reversion to the State upon payment of cost, are precisely the same with 
Che road as the canal. The road to have one or more tracks, and power to build a 
branch to Bordentown. Rates of toll optional, net to exceed eight cents per ton 
per mile for freight, and ten cents per mile for passengers. Transit duties to con- 
sist of ten cents for every through passenger, and fifteen cents for every ton of 
merchandise carried, if the State of New Jersey chartered any other railway 
across the State from New York to Philadelphia within three miles of the com- 
mencement or termination, then the payment of the above duties should cease. 

In 1831, the thirty years' duration of charter for the Delaware and Raritan 
Canal Company was extended 20 j'ears longer, giving it existence until 1881. The 
Railroad Company, in February, 1831, authorized a transfer to the State of 
New Jersey of 1,000 shares of its full paid capital stock — the State to appoint one 
director, but without power to vote. A supplementary act was passed the same 
month, empowering the canal and railroad companies to consolidate — rates of 
fare for passengers between New York and Philadelphia not to exceed three dol- 
lars. In March, 1832, another 1,000 shares of stock was authorized to be trans- 
ferred to the State, aud no competing line between the cities of New York and 
Philadelphia to be built without consent of the companies. Transit duties to the 
State fixed at $30,000 per annum ; surplus fund limited to $100,000. February, 1835, 
the company empowered to build a lateral road from main line to South river, in 
Middlesex County. In 1837, permission was granted to extend the road from Tren- 
ton to New Brunswick, with same duties as on southern line. Passenger fares 
limited to five cents per mile. In 1842 the transit duties on both canal and rail- 
road were fixed at ten cents per ton for freight, and State treasurer to receive 
one-half of any sum above three dollars charged for through passengers. 

The canal was finished in 1838, and the railroad was completed in sections and 
opened at the following dates, viz : 

From Bordentown to Hightstown, 14 miles October, 1832. 

" Hightstown to South Amboy, 47 " Decem'r, 1832. 

•« Bordentown to Burlington, 8 " Febru'y, 1833. 

" Burlington to Camden March, 1834. 

The Trenton Branch was commenced in 1837, and opened for traffic 1st Janu- 
ary, 1839. 

In April, 1843, a running arrangement was made with the New Jersey Railroad 
Company, to last five years or longer, until due notice should be given. By its 
terms, the sum of four dollars was to be charged for first class, and three dollars 
for second-class through passengers. Two-thirds of the through passengers were 
to go by this new route, or any deficiency to be made up to the New Jersey Com- 
pany. 

The construction account of the Camden and Amboy Railroad appears never 
to have been closed, although it has been finished and operated for a quarter of a 
century. The following figures represent the construction account, both road and 
eanal, for each year since 1855 : 

January 1st 1855. 1856. 1857. 1858. 

Railroad $4,763,185 $4,877,981 $4,950,5-2 $5,563,580 

Canal 3,707,916 3,7^8,542 3,843,504 3,863,909 



Total $8,471,101 $8,636,523 $8,794,096 $9,427,189 

The details of this report being derived from returns made to the legislature of 
New Jersey, are very incomplete respecting the assets of the company, the 
amount and nature of the floating debt, or the reserved profits. As will be seen 
by the foregoing, the total cost of the roac 1 . and canal to 1st January, 1858, is : 

Equal to $59,823 per mile for the road, and $90,000 per mile for the eanal. 



CAMDEN AND AMBOY RAILROAD. 309 

Construction, 1858. $9,427,489 

In addition to the above, the company has subscribed 
and owns stock in the 

Philadelphia and Trenton Railroad Co $388 000 

Belvidere D. & F , and Freehold & J. Co 1,175,000 

$2,063,000 



Total invested in transportation lines $11 ,490,489 

1 Represented by : 

Capital stock (canal) $1,500,000 

(railroad) 1,500,000 



Funded debt, due 1863, 6's $800,000 

.£210.000, 1864, 5's 1,003,000 

£225,000, " 6's 1,0,30.000 

" 6's 367,000 

(Changed from £185,000), " 5's 888.000 

6's 800.000 

6's 1,700,000 

New 6 per cent, loan, 1889. . $2,500,000 
Unissued 2,163,000 



$3,000,000 



337,000 



6,980,000 



Total $9,980,000 

The large dividends regularly paid since the opening of the road fully sustain 
the character of the stock as an investment, whether the business was derived 
from a monopoly such as no other road enjoys or not ; but to continue the confi- 
dence in the stock with the public, annual reports giving details of the condition 
and business of the road and canal should be published, the construction account 
closed, and no new loans put upon the market, unless it is stated for what pur- 
pose the monc3 r is wanted. 

DIVIDENDS. 

1833. ... 6 per cent. 1842. ... 6 per cent. 

1834.... 6 

1835.... 6 

1836.... 12 

1337.... 8 

1833.... 10 

1839. ... 7 

1840.... 6 

1841.... 6 

Total 281 

or 11 ,,24-100 per cent, for 25 years. . 

* 12 in cash and 12 in the company's bonds, 
t 7 in cash and 20 in stock. 



1842.. 


. 6 


1843.. 


. 7 


1844.. 


. 8 


1845.. 


. 9 


18*6. . 


. 10 


1847.. 


. 12 


1848.. 


. 12 


1849.. 


. 11 


L850.. 


. 10 



1851.. 


15 per cent 


1852.. 


. 15 « 


1S53. . 


. *24 


1854.. 


. 12 


1855.. 


. 12 


1856.. 


. 12 


1857.. 


. f27 " 


1858.. 


. 12 



ANALYSIS OF THE BUSINESS OF THE ROAD AND CANAL FOR THE PAST THREE 

YEARS. 

1856. 1857. 1858. 

Receipts of the road $1,640,787 $1,61 1,303 $1,640,328 

canal 511,332 484,982 454,109 

$2,152,119 $2 096.285 $2,094.4:37 

Expenses of both 1,225,864 1,138,571 1,048,233 

Net earnings $926,255 $957,714 $1,046,204 



310 capitalist's guide and railway annual. 



Increase in net earnings in 1857 over 1856 3,,30 

" 1858 " 1857 9„24 

" 1858 " 1856 12„96 

1856 1857. 

Net income from gross receipts of road, per cent. . . . 36„23 41. ,41 

" " " " canal, " .... 65„ 59„70 

M on cost of both lines, " 43„10 45„60 

for stockholders, " .... 19„08 19„79 

Net earnings on length of road, per mile $6,386 $7,181 

canal, " 7,726 6,742 

" " " both lines, per mile 6,815 7,042 



per cent. 



46„71 
6l„68 
50„10 
21„47 

$8,238 
6,466 
7,692 



OFFICERS. 

Edww A. Stevens, President. Ira Bliss, General Agent. 

R S. Van Rennselaer, Superintendent. 



WATERTOWN AND ROME RAILROAD. 



From Rome to Cape Vincent 97 miles. 

Connecting at Rome with the New York Central Railway. 

Pierrepont Manor with the Sacketts Harbor & Ellisburg Railway. 
M Watertown " Potsdam and Watertown " 

" Cape Vincent " Steamers on Lake Ontario. 

This may be regarded as one of the best tributary roads in the State of New 
York. It pays regularly semi-annual dividends in January and July, — those in 
1857 were 7 per cent., and in 1858 6 per cent. The company is in good credit, 
the interest on its funded debt is promptly paid, and a sinking fund for the ulti- 
mate extinguishment of the outstanding bonds is provided for. The payment 
on account of it are responded to by the company with commendable promptness. 



Dr. 



BALANCE SHEW; 

Fiscal Year ending Dccemher 31, 1858. 

Office, Watertown, N. Y. 



Cr. 



Cost of road and road j 

equipment $2,159,295 ; 

21,575 I 



Materials and fuel 
Potsdam and Water 

town Railroad 

Bills receivable 

Cash means 

Sinking fund 



28,000 
29,043 

30,698 [I 
10,000 



Capital stock 

Bonded debt 

Floating debt 

Dividend payable January 

15th, 1859: 

Surplus 



$2,278,611 



$1,498,500 

690,500 

40,071 

45,000 
4,540 



$2,278,611 



1. Equal to $22,260 per mile. Equipment consists of 19 Locomotives ; 17 Pas- 

senger and Baggage cars, and 292 Freight cars 

2. Advanced to pay interest upon its coupons. 



WARREN RAILROAD. 



311 



BUSINESS OF THE ROAD FOR THK PAST TWO YEARS. 



for the year ending December 31 1857. 1858. 

Gross receipts $1-10.290 $397,712 

Operating expenses 278,253 210,712 

Net earnings $162,037 $187,000 

Falling off in gross receipts in 1858, 9, ,67 per cent. 
Increase in net earnings " 15| " 

1857. 

Net income from gross receipts, per cent 36,,85 

" on cost of road and outfit, per ct „7£ 

for stockholders, per cent 7,, 21 

Net earnings on length of road, per mile $1 ,670 



Dec. 



1858 
46„57 

8„76 
$1,927 



$42,578 
67,541 

$24,963 



Inc. 



9„72 

M 

1„55 

$257 



OFFICERS. 

Wm. C. Piekrepont, President. R. E. Hunqerford, Sec. <fc Treas. 

C. Dutton, Superintendent. 



W. C PlERREPONT, 

Philip Dater, 
Christian Zabriskie, Jr., 
Saml. F. Phelps, 



Directors. 

Jno. P. Yelverton, 
Calvert Comstock, 
H. Alexander, Jr., 
H. Gray, 
David Utlev, 



S. D. HrNOERFORD, 

W. Lord, 
Clark Rice, 
O. V. Brain ard. 



WARKEN RAILROAD. 

From Clarkesville Junction (on Central N. J. R. R.) to Bridgeville . . . 21 miles. 
Operated by the Delaware, Lackawanna and Western Railway, under a perpetual 
lease at seven per cent, upon its cost. 

This road connects the New Jersey Central with the Delaware, Lackawanna 
and Western road at Bridgeville, and is 19 miles long. Its point of intersection 
with the Central road was formerly at New Hampton, 19 miles from the river, 
but has recently been changed to Clarksville, 2 miles further east, which accounts 
for the variation in length. 
The total cost of road, equipment and real estate, up to the 1st of 

October, 1858, is $1,519,400 

equal to $79,968 per mile, or $39,984 if reduced to a single track. 
Represented by : 

Capital stock paid in $838,446 

Mortgage bonds due in 1875 568,500 

Floating debt 6,641 

$1,413,587 

BUSINESS OF THE ROAD FOR THE PAST I WO YEARS. 

ToOctoberl 1857. 1858 

Gross receipts $162,265 $193,240 Ino. $30,975 

Operating expenses 81,133 96,620 " 15,487 

Net earnings $81,132 $96,620 « $15,488 



312 capitalist's guide and railway annual. 

Increase in receipts and profits in 1858, 19 per cent. 

ia57. 1858. 

Net income from gross receipts, per cent 50„ 50„ 

" on cost of road, " 5„34 6„37 Ino. 1„03 

for stockholders, " 5„60 7„47 " 1„87 

Net earnings on length of road, per mile $4,270 $5,085 " $815 

The company pays dividends regularly. 



RACINE AND MISSISSIPPI RAILROAD. 

From Racine, Wis., to Savannah, 111 136 miles, 

In operation, from Racine to Davis 90 miles. 

Graded, from Davis to Freeport 11 " 

Partially graded, from Freeport to Savannah 35 " 

Total length 136 miles. 

Connecting at Elkhornwith the Wisconsin Central Railway. 

" " " Milwaukee and Beloit (in progress) Railway. 

" Beloit " Beloit and Madison Railway. 

" Freeport " Illinois Central " 

At the time the revulsion came (1857), this road was progressing favorably 
towards the Mississippi to its western terminus ; but soon after, the company was 
obliged to suspend operations, owing to embarrassments for money. These grew 
upon it to such an extent, that subsequently it became impossible to meet the 
interest upon its mortgage and farm bonds promptly ; and with the loss of credit 
and many of its hypothecated securities, which were sold to pay advances at ruin- 
ous prices, the affairs of the company now present a sad picture. 
The amount expended on the road between Racine and 

Durand, including equipment, real estate, &c, to 1st 

January, 1858, is $2,364,931 

Grading east of Freeport 260.000 

" west " 110,000 

Right of way, engineering, &c 60,003 

Proportion of Racine city property for the unfinished 

portion of the road 60.000 

Discount on securities, salaries, interest account, &c. . . 947,085 

Totd amount expended $3,802,016 

equal to $33,541 per mile for the 86 miles completed. 

There will be needed to complete the grading, bridging 
and masonry, to Freeport, laying track and buildings 

at Davis, Dakota and Freeport $125,000 

For finishing the road-bed, ready for the track between 
Freeport and Savannah, there is estimated to be re- 
quired about 150,000 

For Iron 200,000 

Additional ties, chairs, spikes and laying track 50.000 

Right of way 10,000 

Fencing 25.000 

Buildings 25,000 

$460,000 

Total $585,000 



RACINE AND MISSISSIPPI KAILROAD. 313 

The other assets are : 

Farm mortgages $474,000 

Racine City bonds 3,000 

Bel it town " 15,000 

Rockton " " 43,000 

Racine " " 10,000 

Lands 100,000 

1st Mortgage 8 per cent. Bonds on Western division 700,000 

Balances due on stock 139,929 

Subscriptions returned since annual meeting 162,781 

" not yet returned to officer, estimated. .. . 100,000 

Bills Receivable 27,450 

$1,775,160 

Total assets $5,577,176 

Represented by : 

Capital Stock — Subscribed in farm mortgages $1,716^50 

" " city and town bonds 540,000 

" " cash, right of way, lands, 
labor, materials and de- 
pot grounds 428,589 

" " notes (secured) 19,981 

$2,705,420 

Funded Debt— 1st Mortgage Bonds, E. Division $680,000 

W. " 7o7,000 

$1,417,000 

Floating Debt— Loans and discounts 879,425 

Accounts 205,903 

$1,085,328 

Scrip account 10,324 

Income of the road , 474,399 

Total liabilities $5,692,471 

There has been $181,418 of the " Loans and discounts" cancelled by sales of 
collaterals, and $66,240 accounts adjusted in various ways ; but while the floating 
debt is reduced by this process, the assets are diminished in a greater ratio. 

BUSINESS OF THE ROAD FOR 1856 AND 1857. 

(iVo Report for 1858 having been received.) 

Year ending December 31 ... . 1856. 1857. 

Gross earnings, 53s miles.... $192,459 86 miles. .$213,964 Inc. $21,505 

Operating expenses, 53 5 miles. 73,991 " 182,919 " 108,928 

Net earnings, " $118,468 " $31,045 Dec. $87,423 

Increase in gross receipts in 1857, II5 per cent. 
Decrease in net earnings " 74 " 

1856. 1857. 

Net income from gross receipts, per cent 61, ,82 14, ,54 Dec. 47,,28 

" on cost of road, " 4„43 1„08 " 3„35 

*Deficiency of income, to meet interest on farm 
mortgage bonds and debt upon full paid 
stock, per cent 17,, 54,,52 Inc. 37,, 52 

Net earnings on length of road opened, pr mile. $2,214 $361 Dec. $1,853 

In 1857 there was earned $57,644 by construction trains, in transporting mate- 
rials for the road, which is not included in the gross receipts. 

* The interest not having been paid, the coupons outstanding are a liability of 
the company. 

27 



314 capitalist's guide and railway annual. 

The road has a full equipment of rolling stock, consisting of 17 locomotives ; 
8 passenger cars, 2 mail and 6 baggage cars, 230 covered freight, 57 platform, and 
sundry other cars. There is material on hand applicable to the extension of the 
road to the amount of $188,000, of which $116,000 is iron. 



OFFICERS. 

Henry S. Durand, President. Wm. M. Perrine, Treasurer. 

Wm. C. Allen, Vice President. A. J. Redburn, Secretary. 

Robt. Harris, Engineer and Sup't. 



Henry S. Durand, 
Isaac Taylor, 
John W. Cary, 
Elisha Raymond, 



Directors. 

Wm. C. Allen, 
Lucius G. Fisher, 
Wm. T. Goodhue, 
Benj. Dornblazer, 
Chancellor Martin, 



Emanuel Storer, 
John Rj new alt, 
Wm T. Miller, 
Danl. P. Holt. 



CAMDEN AND ATLANTIC KAILR0AD. 



From Camden (opposite Philadelphia) to Atlantic City 60 miles. 

This road furnishes a cheap communication to the citizens of Philadelphia with 
the sea shore in Atlantic County, in about 2g hours. 

The capital stock paid in to Dec. 31, 1857, is $668,351 

" Funded debt, same period 996,800 

"Floating " " 415,632 

$2,080,783 

Represented by : 

Construction account, which includes the road, equipment and real 

estate $1,781,158 

equal to $29,686 per mile. 

The impossibility of procuring information of a recent date with respect to the 
financial condition of this road, has obliged the compiler to seek the reports made 
to the Legislature of New Jersey. The prospects for traffic, as shown by the re- 
turns for the past two years, are not very flattering for those who have aided 
in its construction. There are, however, in this road, elements for a greatly 
increased revenue, such as in the building up of a seaport town at the eastern ter- 
minus, and the increase in the number of inhabitants along the line of the road 
who are engaged in raising garden truck for the Philadelphia and New York 
markets. 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 



Fiscal year ending December 31 1857. 1858. 

Gross earnings $122,923 $133,^22 

Expenses 71,421 75,257 

Net earnings $51,502 $57,965 

Increase in gross receipts in 1858, about 85 per cent. 
" . net earnings '* " 32$ " 



Inc. 



$10,299 
3,836 

$6,463 



CHICAGO AND MILWAUKEE RAILROAD. 315 

1857. 1858. 

Net income from gross receipts, per cent 42,, 43,,73 Inc. 1„73 

on cost of road, per cent 2„91 3„29 " 38 

Deficiency of income (upon capital stock), per ct. 4, ,96 4,, Dec. „96 

Net earnings on length of road, per mile $858 $966 Inc. $108 



OFFICERS. 
J. Broadhkad, President. J. H. Osborne, Superintendent. 



CHICAGO AND MILWAUKEE RAILROAD. 

From Chicago to Wisconsin State line 45 miles. 

Connecting at State line with the Milwaukee and Chicago Railway, constituting 
the Wisconsin division. 

The two roads are commonly known as the " Lake Shore" line, but are dis- 
tinct and separate interests 

This Wisconsin division connects at Kenosha with the Kenosha, Rockford and 
Rock Island Railway ^in progress) ; at Racine with the Racine and Mississippi 
Railway ; and with the different lines of road diverging from Milwaukee. 

Within the last fourteen months, the company have purchased and cancelled 
15 shares of the capital stock, and the board have passed resolutions limiting the 
total of 1st mortgage bonds ($512,000. which are convertible), and the capital 
stock ($988,000) to one and one-half millions. 

Anticipating the maturity of their dividend certificates ($115,435 00) on the 
1st of November last, and for the further purpose of paying off their floating 
debt, the company issued $300,000 of real estate bonds, running ten years from 
the 1st of February, 185S, secured by a deed of trust of a valuable outside 
property, not required for the business of the road, consisting of water front 
lots*and blocks in the city of Chicago, estimated at $225,000; and by a 
second mortgage on the entire road ; also by a provision requiring that the com- 
pany shall purchase and retire these bonds at the rate of $10,000 per annum. 
$186,000 of these bonds had been sold on the 1st of January, and the proceeds 
with accrued interest, amounting to $169,034 75, applied in payment of obliga- 
tions. 

Of the $100,000 income bonds originally issued, only $62,000 are now outstand- 
ing ; $18 00U of them having been purciased and cancelled the last year. 

Dividend certificates to the amount of $63,815 have been paid or exchanged for 
real estate bonds, and the balance outstanding carry interest at 8 per cent, till 
they can be taken up. $2 ',0C0 have been paid upon notes of the steamer Planet, 
maturing the past summer. 

Other bills payable for discounts, land damages, depot property, etc., amount- 
ing to $52,353 05, have also been paid_. 

No dividends were declared in 1858. 



316 capitalist's guide and railway annual. 



Dr. 



BAI-aNCE HHEEI. 

Fiscal Year ending January 1, 1859. 

Office. Chicago. 



Cr 



1. Cost of road, <5rc 

2. Cost of equipment 

Real estate not in con- 
struction account 

Materials and fuel 

3. Steamboats 

4. Debts due the com- 



pany. 
Cash... 



$l,799.s94 
67,*69 

16,581 i 
22,207 |l 
120,000 

18,644 
4,870 



Capital stock. . . 

5. Bonded debt.. . . 

6. Floating debt. . . 

7. Tncome account. 



$2,050,065 



: $988,000 
762,865 
188,085 
111,115 



$2,050,065 



1 . Construction $1,445,£ 



Depot grounds. 

Buildings 

Fencing 

Bight of way 

Jefferson street planking. 



197,234 

42,884 

31,855 

78,811 

3,521 



$1,799,894 

or $39,998 per mile ; including equipment and real estate, $41,061 per mile. 

Consisting of 6 Locomotives ; 14 Passenger and baggage, 88 Freight and 13 
Service cars. 



3. Steamer Planet 

45-85ths steamer Traveller. 



Bills Receivable . . 
Due from agents. 
Accounts 



5. 1st Mortgage bonds 

Income " 

Real estate " 

Accrued" interest on same. 



$186,000 
2,865 



Dividend certificates outstanding 

Bills Payable 

Accounts 

Unclaimed dividends and interest scrip. 



7. Balance at credit Nov. 1st, 1857 

Received of other roads, account of 1857 

Gross receipts in 14 mos. ending Dec. 31, 1858. 



Cr. income account 

Deduct debits to said account, viz 
Interest on funded debt, 14 mos 

" " Floating " ." 

Taxes, 1857 and 1858, '5 

Operating expenses, " 

Discount on real estate bonds 

Insurance and interest on steamers. . 
Expenditures of 1857 paid in 1858, . 



$59,155 
14,527 
11,867 

107,998 

19 830 

10.399 

3^20 



$100,000 
20,000 

$4,000 

2.504 

12,140 

$512,000 
62,000 



188,865 

$51,590 

12/,687 

7,992 

816 

$94,214 

815 

243,282 

$338,311 



$227,196 



$120,000 



$18,644 



$762,865 



$188,085 



$111,115 



LEXINGTON AND WEST CAMBRIDGE RAILROAD. 317 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Year ending Year ending 14 mos. end"g 

Oct. 31, 1857. Oct 31, 1858. Dec. 31, 1858. 

Gross receipts $279,733 $209,519 $243,282 

Expenses.! ... 133,446 92,902 107,998 

$146,287 $116,617 $135,284 

Falling off in gross receipts in 1858, 25 per cent. 

Decrease in net earnings in " 20 " 

1857. 1858. 

Net income from gross receipts, per cent 59,, 30 55,, 53 Dec. 3,,77 

on cost of road, " 7„24 6„77 " „47 

for stockholders, " 7„61 4,,60 " 3„01 

Net earnings o a length of road, per mile $3,251 $2,591 " $660 

The fiscal year of 1858 was changed from Oct. 31 to Dec. 31. 

OFFICERS. 

Mahlon D. Ogden, President. M. L. Sykes, Jr., Vice Pres. and Sup't. 

A. S. Downs, Secretary. 



LEXINGTON AND WEST CAMBRIDGE EAILK0AD. 

From West Cambridge to Lexington 6£ miles. 

Trains leave Boston 8.30 A.M., 2 30 and 5.45 P.M. ) n;«,* a „«- n „;)« 

« « Lexington 7 26, 9.28 A.M., and 3.38 P.M. $ Distance U miles - 

This road was, prior to 31st August, 1857, operated by the Fitchburg Railroad 
Company. It is now run by this company, but uses the Fitchburg track from 
Boston to West Cambridge. 

The cost of the road and appurtenances to the 30th November, 
1858, is $251,25 

or $38,069 p3r mile. 
Represented by : 

Capital stock paid in $241,200 

Floating debt 2,400 

243,600 

This road paid dividends equal to about 5| per cent, in 1856, and lg in 1857 ; 
but none appears to have been paid in 1858. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Gross earnings $20,292 $21,183 Inc. $891 

Expenses 13,503 13,286 Dec. 217 

Net earnings $6,789 $7,897 Inc. $1,108 

Increase in net earnings in 1858, about 17 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 33,-94 34„98 Inc. 1„04 

on cost of road, " 2„71 3„14 " „43 

" on capital stock, after allowing for 

interest, per cent 2„80 3„29 " „49 

Net earnings on length of road, per mile $1,028 $1,196 " $168 

27* 



318 capitalist's guide and railway annual. 



NEW ORLEANS, JACKSON AND GREAT NORTHERN RAILROAD. 

From New Orleans to Canton, Miss 206 miles. 

Connecting at New Orleans with the N. Orleans, Ope ousas and G. W. Railway. 
" " " Mexican Gulf Railway. 

" " " Galveston, Mobile, Havana, Vera Cruz and 

Aspinwall steamships. 
" " " steamers for the Mississippi, Missouri, Ohio, 

Cumberland and Red rivers. 
" Jackson " Southern Mississippi Railway. 

'• Canton " Mississippi Central " 

This is one of the roads forming the new mail and passenger route for the 
north, requiring only the completion of the Mississippi Central (some 70 miles), 
the Cleveland and Chattanooga (29 miles) , and 60 miles of the Orange and Alex- 
andria, between Charlottesville and Lynchburg, to give an unbroken line of rail- 
way from New Orleans to Bangor, Me., viz : 

From New Orleans to Canton, Miss., by the N. O., Jackson and 

G. N. Railway 206 miles. 

From Canton to Grand Junction, Miss., by the Mississippi Central 

Railway 165 " 

From Grand Junction to Stevenson, Ala., by the Memphis and 
Charleston Railway 219 " 

From Stevenson to Chattanooga, Tenn., by the Nashville and Chat- 
tanooga Railway 38 " 

From Chattanooga to Cleveland, Tenn., by the Cleveland and Chat- 
tanooga Railway 29 " 

From Cleveland to Knoxville, Tenn., by the East Tennessee and 
Georgia R ailway 83 " 

From Knoxville to Bristol, Tenn., by the East Tennessee and Vir- 
ginia Railway 130 " 

From Bristol to Lynchburg, Va., by the Virginia and Tennessee 
Railway 204 " 

From Lynchburg to Alexandria, Va., by the Orange and Alexan- 
dria R ailway 169 " 

From Alexandria to Washington, D. C, by the Washington and 

Alexandria Railway 6 " 

From Washington to Baltimore, Md., by the Baltimore and Ohio 
Railway 39 " 

From Baltimore to Philadelphia, by the Philadelphia, Wilmington 
and Baltimore Railway 98 " 

From Philadelphia to New York, by the New York and Philadelphia 

Railroad line 87 " 

From New York to New Haven, Ct., by the New York and New 
Haven Railway 74 " 

From New Haven to Stonington, Ct., by the N. H., New London 
and Stonington Railway 62 " 

From Stonington to Boston, Mass., by the Boston, Providence and 

Stonington Railway 93 " 

From Boston to Portland, Me., by the Eastern Bailwav 107 " 

From Portland to Bangor, Me., by the Penobscot and Kennebec, and 
A. & K. Railway 137 " 

Total 1,946 miles. 

The whole length, from New Orleans to Canton, was opened in April, 1858. 
The completion of a straight line through Mississippi and Tennessee to the Ohio 
river, composed of the New Orleans, Jackson and Great Northern, the Mississippi 
Central, the Mississippi Central and Tennessee, and Mobile and Ohio Railways, 



N. ORLEANS, JACKSON AND GT. NORTHERN R. R. 319 

will add largely to the receipts of the road, not only from freight, but by passen- 
ger travel and the great northern mails. This great middle route through the 
V alley of the Mississippi, extending from the gulf to the northern boundary of 
the Union, must from the same reasons be of much benefit to the Illinois Central 
Railway, as the two systems — the one commenced by the Illinois Central, and the 
other inaugurated by the city of New Orleans — unite at Cairo. 

The triumph of the extension ticket, although productive of a good deal of 
feeling at the time between the city of New Orleans, who subscribe $2,000,000 to 
the stock of the road, and the company, insures the early completion of this 
chain of roads, which to the trade and the value of real estate of that city is of 
the utmost importance. 



Or. 



BALANCE SHEET. 
Fiscal Year ending March 31, 
New Orleans. 



1858. 



Cr. 



1. Cost of road 

2. Cost of equipment 

Cash 

Bills receivable 

Louisiana State bonds . . 

Bonds of city of New Or- 
leans 

1st mortgage 8 per cent, 
bonds of the company. 



$6,064,455 

458,688 

27,701 

191,064 

44,27o 

735,000 
1,428,000 



$8,t 49,183 



Capital stock 

3. State of Mississippi, 

4. Bonded debt 

5. Floating debt 

6. Profit and loss 



$4,320,618 

155,000 

3,000,000 

1,182,474 

291,091 



$8,949,183 



1. Construction $5,002,475 

Sundries 214,788 

Interest and discount on bonds 847,192 



equal to about $30,000 per mile ; including equipment, $31,662 per 
2. No details. 



$6,064,455 
mile. 



3. Chickasaw School Fund, 18c9 to 1864. 
Mississippi 3 per cent. Fund 



$135,000 
20,000 



4. 1st Mortgage 8 per cent., due 1886, sold $1,572,000 

" " " " unsold 1,428,000 



Transportation earnings 

From which deduct : 

Expenses transportation $171,837 

Maintenance of way 240,917 

Motive p>wer 169,658 

Repairs of cars 37,008 



Net earnings 

Add interest received on State and city bonds 



5. Due in London in November and December, 1857. . . $224,644 

" within year ending April 1, 1859 881,447 

" from April 1, 1859, and 1864 72,640 

" in accounts 3,743 



$155,000 
$3,000,000 



$1,152,474 

$678,221 



619,420 

$58,801 
232,290 
$291,091 



The earnings of the road have been applied to construction up to the opening of 
the line to Canton, as follows : 

For the year ending March 31, 1856 '. . . $120,573 

" ' " " " I^57 189,003 

" " " 1858 298,529 

A comparison of the earnings, arranged after the usual plan, will be of little 
value for reference, while the road is building. 

The estimate put forth by the company two years ago is thus stated (after the 
road is opened to Canton) : 

Gross earnings $1,191,200 

Deduct for expenses 50 per cent 595,600 

Net earnings $595,600 

The figures, exhibiting the revenue of the road from 1st Jily to 31st Decem- 
ber, do not indicate that the business will be as large as estimated. Allowing for 
no decrease in March, the gross receipts cannot vary much from $900,000, from 
which deduct 50 per cent, fur expenses, will leave as the net earnings for the year 
$450,000. The interest on the funded debt amounts to $125,760, leaving for stock- 
holders $324,210 or 7| per cent. 

The floating debt has been materially reduced since the last annual report, as 
the following extract from a communication from the president to Gov. McWil- 
lie, dated 13th November, 1858, will show : 
" The whole floating debt of the company on the 1st April, 1858, 

as per the annual report to the stockholders, was $1,333,731 29 

To which has been added since 711,004 20 

$2,044,735 49 
Paid since 1,601,231 07 

Present floating debt $443,504 42 

From this we may with propriety deduct the loans made to the 
company by the State of Mississippi, called the " Chickasaw 
School Fund" Loan, $185,000, and the " Three per cent. Fund" 
Loan, $20,000, as they are not payable until 1864, and for that 
reason can hardly be classed with the floating debt 205,000 00 

And the true floating debt of the company is $238,504 42 

There is an inconsiderable sum, which I have no hesitation in saying will be 
paid off within the next three months, and probably mush sooner, provided the 
holders will allow the company a reasonable discount for payment by anticipa- 
tion. It matures as follows : 

1858-Novembor $19,721 17 

" December 63,125 55 

1859— January 73,432 10 

•" February... 17,75138 

" March 15,900 60 

" April 7,684 91 

" May 17,166 59 

" June 8,189 56 

«' July 300 00 

" August 15,232 50 

$238,504 42 

The business of the road is at present most satisfactory, with every indication 
of a steady increase. The average daily receipts of cotton alone are over twelve 
hundred bales, and the outward freights are correspondingly heavy. The earnings 
of the road in October were $84,889 33, and the estimated earnings for ihis month 
(November) are $120,000. The payment of our debt, and the flourishing condi- 



AUGUSTA AND SAVANNAH RAILROAD. 



321 



tion of the road, have placed the company in an enviable position in point of 
standing and credit ; and nothiDg could offer a stronger contrast than the Great 
Northern Railroad Company of April, 1858, and the Great Northern Railroad 
Company of to-day." 



John Calhoun, President. 



John Calhoun, 
N. C Folger, 
Charles M. Waterman, 
George W. Christy, 
Richard Swain, 
Thos. Murray, 



OFFICERS. 



Directors. 



R. S. Charles, Secretary. 



Wm. Mc Willie, 
E. D. Brower, 
R. D. Browne, 
James H. Caldwell, 
S. F. Slatter, 
Charles Pride, 



J. M. Reid, 
H. M. Summers, 
John Armstrong, 
f. zollicoffer, 
E. H. Saunders, 
C. S. Tarply. 



AUGUSTA AND SAVANNAH KAILEOAD. 

From Augusta to Millen (on Central Railroad). 53 miles. 

Connecting with the Central Railroad at Millen, and with the Georgia and South 
Carolina roads at Augusta. 

Capital stock paid in $733,700 

Funded debt 298,500 

$1,032,200 

Represented by : 

Cost of railroad, equipment, &c $1,032,200 

equal to $19,476 per mile. 



Earnings in 1857. 
Expenses " . 



Net earnings. 



$125,427 

55,748 44„44 per cent, of gross receipts. 

$69,679 55„56 

No returns received of the business of 1858. There has undoubtedly been an 
increase in the receipts from freight, the large cotton crop of 1858 being alone 
sufficient to add largely to the revenue of all southern roads. The per centage of 
net earnings on the cost of the road in 1857 was 6| per cent., and for its stock- 
holders 6,,65-100 per cent. No dividends appear to have been declared in 1857. 



OFFICERS. 

Francis T. Willis, President. Joseph B. Preston, Treasurer. 

Andrew Yonge, Superintendent. 



F. T. Willis, 
R. H. Gardiner, 



Directors. 

A. R. Lawton, 
Wm. Duncan, 
John Stoddard. 



R. A. Allen, 
John C. Poythress. 



322 capitalist's guide and railway annual. 



NEWBURYPORT RAILROAD. 

From Newburyport to South Reading, Mass «... 27 miles. 

•Connecting at Newburyport with the Eastern Railway. 

" South Heading " Boston and Maine Railway. 

" Georgetown " Danvers Branch " 

The cost of this road, up to 30th November, 1858, is $629,183 

or $23,301 per mile. 

Represented by : 

■Capital stock paid in $220,240 

Funded debt 198,500 

Floating " 221,335 

$640,075 

The operating expenses of this road have absorbed nearly all its receipts — the per 
centage of profit from traffic being only about 15 per cent, for the past two years, 
which leaves nothing for interest on its debt, or for liquidating the same. By ref- 
erence to the tables below, it will be seen that the road must sooner or later, from 
deterioration, be abandoned, unless there is a great improvement in its revenue. 
It has never paid a dividend. The road was completed in 1854. 

BUSINESS OF THE KO *D FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 

Gross receipts $50,040 

Operating expenses 44,927 

Net earnings *5Ji3 

Falling off in receipts in 1858, 10 per cent. 
Increase in net earnings " nearly . 2 per cent. 

1857. 

Net income from gross receipts, per cent 10,,22 

" on cost of road, " ,,81 

Deficiency of income to meet interest on debt 
and expenses of the road, upon capital stock, 
per cent 9,, 12 

Net earnings on length of road, per mile $189 



OFFICER. 
R. Poole, President. 
This road is operated in connection with the Danvers Railway. 



1858. 
$44,975 
35,717 


Dec. 

ct 


$5,065 
9,210 


49,-58 


Inc. 


$4,14 3 


1858. 
20,. 57 
1„47 


Inc. 
tt 


ld„35 
„66 


7„28 


Dec. 


1„84 


$313 


Inc. 


$154 



NASHVILLE AND CHATTANOOGA RAILROAD. 

Main line, from Nashville to Chattanooga, Tenn 151 miles. 

Shelby ville Br., from Wartrace to Shelby ville 8 

Total 159 miles. 



NASHVILLE AND CHATTANOOGA RAILROAD. 



323 



Connecting at Nashville with the Tennessee and Alabama (in progress) Railway 

" " " Louisville and Nashville *• " 

Northwestern 

" Wartrace " Shelbyville Branch " 

" Tullahoina " McMinnville and Manchester " 

" Stevenson " Memphis and Charleston *' 

M Chattanooga " Western and Atlantic " 

" " " Cleveland and Chattanooga " 

N. £. and S. W. Alabama 

This road is advantageously situated for traffic, and upon the completion of the 
Northwestern to the Mississippi river and the Louisville and Nashville — now far 
advanced — will add to its receipts. 

The McMinnville and Manchester road, 34 miles, running from Tullahoma Sta- 
tion in a northeasterly direction to McMinnville, in Warren County, is leased and 
operated by this company for five years from 1st January, 1S58. The object was 
to get possession of the surplus earnings, jf any, to liquidate the debt due the 
Nashville and Chattanooga Company, and" to pay the State the interest on the 
$372,000 State bonds, loaned in aid of construction, and the interest on its 
$3:1,000 funded debt, $10,000 of which is in 6 per cent bonds held by this com- 
pany. The earnings for the past eleven months have not been sufficient to pay 
the interest ($25,519) ; and the residue ($11,796) will have to be made up from 
the treasury. 

Only one dividend has been declared. The residue of surplus earnings, instead 
of being divided among the stockholders, were in 1857 credited to construction 
account, which is now closed. The affairs of the company have been judiciously 
managed ; the road is in fine condition, and its bonds, that are endorsed by the 
State of Tennessee, constitute a perfectly reliable and safe security for investment. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending November 30, 1858. 

Office, Nashville, Tenn. 



Cr. 



Cost of road and equip- 
ment 

Real estate not in con- 
struction account 

Materials and fuel 

Invested in other roads. 

Debts due to the coin- 



2. 
3. 

pany 

4. Sinking fund 

6. Bonds of this company. 

Slaves 

6. Cash means 



$3,733,472 

2.837 
26,070 
160,000 

61.998 
10,500 
60,900 
7,230 
58,550 



$4,121,557 



7. Capital stock 

8. Bonded debt 

9. Floating debt 

Suspense account. 

10. Surplus profits... 



$2,262,405 

1,674,000 

85,914 

244 

98,964 



$4,121,557 



1. Original cost, 159 miles of road, including equipment and build- 
ings $4,468,906 

or $28,106 per mile. 

From which deduct net profits of road to Dec. 1, 1857 735,434 

Leaving actual cost to stockholders $3,733,472. 

or $23,481 per mile. 

The equipment consists of 38 Locomotives ; 20 Passenger, baggage and mail, 
cars, 222 Box Freight, 26 Cattle, 45 Platform, and 30 Coal cars — all in good 
order. 



324 capitalist's guide and railway annual. 

2. Stock in East Tennessee and Georgia Railroad $150,000 

10 Bonds McMinnville and Manchester " 10,000 

$160,000 

3. Due by McMinnville and Manchester Railroad Co. . $11,796 

Bills Receivable 32,273 

Unpaid subscriptions 7,425 

Doubtful accounts 10,504 

. $61,998 

4. First deposit with commissioners of sinking fund, out of which 14 

of the $1,000 bonds endorsed by the State have been pur- 
chased, cost $10,5^0 

5. Cost of $81,000 endorsed bonds. 

6. Uncollected revenue $45,192 

Cash -. 13,358 

$58,550 

7. Capital paid in $2,263,905 

Less held by the company 1,500 

$2,262,405 

8. Company's bonds endorsed by State of Tennessee. . . $1,500,000 

" forsub . 

scription to Chattanooga and Cleveland Railroad. . 150,000 

Company's bonds unendorsed 24,000 

$1,674,000 

9. Bills Payable $27,908 

Accounts and connecting roads 52,396 

Unclaimed interest 5,640 

$85,944 

10. Surplus profits of business for 1858. 



Dr. 



INCOME ACCOUNT. 



Cr. 





1857. 


1858. 


Surplus Dec'r 1.. 
Gross earnings . . . 


1857. 


1858. 


Operat'g expens's. 


$362,284 


$378,128 


$674,145 




Rebuilding Ten- 






641,552 


$605,368 


nessee river br'ge 


44,453 










Tolls on do 


8,912 










Damages on do . . . 


2,150 










Interest and ex- 














94,536 


107,061 








Dividend, 3 per 








cent 


67,898 










New equipment. . 




13,509 








Credited to con- 












struction acc'nt. 


735,434 










Right of way 




6,153 








New buildings. . . . 




1,553 












98,964 1 














$1,315,697 


$605,368' 


$1,315,697 


$605,368 



FOX RIVER VALLEY RAILROAD. 



325 



$36,184 
15,844 



BUSINESS OF THK ROAD FjB THE PAST TWO YEARS. 

Fiscal year ending November 30. . . 1857. 1858. 

Gross receipts $641,552 $605,368 Dec. 

Operating expenses 362,234 373,183 Inc. 

$279,268 $227,240 Dec. $52,028 

Falling off in gross receipts in 1858, 5, ,64 per cent. 
Decrease in net earnings in 1858, 18„66 " 

1857. 1858. 

Net income from gross receipts, per cent 43,,62 37,,56 Dec. 6„06 

" on cost of road and equipment, per 

cent 7„48 6„09 " 1„39 

for stockholders, per cent 5,,72 4, ,47 " 1„25 

Net earnings on length of road, per mile $1,768 $1,427 " $341 



TABLE OF MONTHLY EARNINGS. 



January . 
February 
March . . . 

April 

May 

June 



1857, 



1858. 



$42,131 $43,640| July, 

51,094 40,450 j August, . . . 
56,603 September, 
57,039 | October,... 
50,338 I, November,. 
40,3561 December,. 



65,815 
62,198 
50,731 
45,977 



1857. I 1&58. 



$49,839 $46,489 
69,549| 57.664 



61,716 
51,811 
40,346 
40,921 



59,420 
61,442 
50,642 



V. K. Stevenson, President. 

Jas. A. Whiteside, Vice President 



OFFICERS. 

W. A. Gleaves, Sec'y and Treas'r. 



E. W. Cole, Superintendent. 



V. K. Stevenson, 

E. H. Ewing, 
J. B. Knowles, 
Samuel D. Morgan, 
Jno. M. Lea, 

F. B. Fogo, 



Directors . 

J xo. M Bass, 
Jas. A. Whiteside, 
Lewis Garner, 
Alfred Miller, 
Thos. C. Whiteside, 
A. L. Landis, 



H. Francis, 
Hon Jno. P. King, 
Henry Cobia, 
A. M. Rutledge, 
Thos. Powers, 
Geo. W. Williams. 



FOX RIVER VALLEI RAILROAD, 

(OF ILLINOIS.) 

From Elgin to Richmond, 111 32 miles. 

Connecting at Elgin with the Galena and Chicago Railway. 

*• Crystal Lake with the Chicago, St. Paul and Fond du Lac Rail- 

way. 
" Geneva with the Kenosha and Rockford Railway. 

The cars belonging to this road run into Chicago on the Galena and Chicago 
track, by mutual arrangement entered into in 1851. The company have a run- 

28 



326 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

ning connection with the Wisconsin Central, which extends from the State line„to 
Geneva, 8 miles ; but neither line are enabled to pay the interest upon its debt. 

The Fox River Valley road was sold on the 10th November, 1868, for account 
of the bondholders, to B. W. Raymond, of Chicago. It is now operated under 
the supervision of the Board of Directors of the Galena and Chicago Railroad 
Company. 

The 1st Mortgage boads amount to $400,000 

2d " "' " 180,000 

Which represent the cost of the road $580,000 

The road was sold for the joint benefit of both mortgages, on condition that 
the 2d mortgage bondholders receive one- third of the amount of bonds in stock, 
on payment of ten per cent, adv .need — the 1st mortgage bondholders to pay five 
per cent, in cash, and receive stock for the whole amount of bonds and the five 
per cent, advanced. The creditors to the amount of some $38,000 also to come 
in upon same terms as the second mortgage bondholders, viz : one-third of their 
claims in stock on payment of ten per cent, in cash. The money thus collected 
is to be used for the redemption of rolling stock sold for taxes, and payment of 
laborers and secured debts. 

When the new company is organized, the Galena and Chicago Company, by 
virtue of the indebtedness they hold against it, will become the owners of about 
one-fifth of the road, and it will then be operated for the future with their line. 



MILWAUKEE AND CHICAGO HAILR0AD. 

From Milwaukee to Illinois State line 40 miles. 

Connecting with the Chicago and Milwaukee Railroad, the two forming what is 
known as the " Lake Shore" Railway, from Chicago to Milwaukee — distance 85 
miles. 

This road has been, since the 28d June, 1858, operated by Bishop & Co., under 
the following arrangement : 

First. The payment of the current expenses of working the road. 

Second. The payment of the interest on $400,000 1st mortgage 8 per cent, bonds, 
and the interest on $200,000 2d mortgage bonds, said bonds having been issued 
by the city of Milwaukee in aid of the Green Bay, Milwaukee and Chicago Rail- 
road, interest 7 per cent. 

Third. The payment of the interest upon the floating debt at 7 per cent,, and 
to pay the obligations of the company for current expenses, if any existed previ- 
ous to the date of the mortgage. 

Fourth. The balance of earnings, after the payment of the foregoing, to be ap- 
plied toward the payment of and reducing the floating debt, of which $225,000 is 
due to Bishop & Co., either direct or as endorsers. 

By the terms of the mortgage, the mortgagees are bound to report monthly 
to the officers of the company the receipts and expenditures on account of the 
road, and to furnish detailed statements of the business of the road whenever 
called upon by the officers of the company to do so. 

The cost of the road to 31st December, 1858, including equipment 

and real estate, is $1 ,830,073 

or $45,752 per mile. 

Represented by : 

Capital stock $1,000,000 

Funded debt 600,000 

Floating" 246,366 

$1,816,366 



FAIRHAVEN BRANCH RAILROAD. 327 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Dec. 31 1&57. 1858. 

Gross receipts $215,223 $159,456 Dec. $55,767 

Operating expenses 112,311 77,274 " 35,037 

Net earnings $102,912 $82,182 " $20,730 

Falling off in gross receipts in 1858, 25 per cent. 

Decrease in net earnings " 20 " 

1857. 1858. 

Net income from gross receipt?, per cent 47,, 82 51, ,36 

" on cost of road, &c, " 5, ,62 4,,46 

" to stockholders, per cent 3,, 89 1,,90 

Net earnings on length of road, per mile $2,573 $20,054 



OFFICERS. 
P. Hall, President. M. L. SyKES,'Jr., Vice Pre?, and Sup't. 

Office at Milwaukee, Win. 



Inc. 
Dec. 


3„54 
1„16 
1„99 


cc 


$519 



FAIRHAVEN BRANCH RAIXR0AP. 

From West Wareham, on Cape Cod Railroad, to Fairhaven, Mas?.. . 15 mile?. 

Connecting at New Bedford with tho New Bedford and Taunton Railway, and 
steamers for Edgartown and Holmes' Hole. 
West Wareham with the Cape Cod Railway. 

Tue total cost of the road, including equipment and real estate, 
to November 30, 1853. is , $432,9*7 

equal to $32,198 per mile. 
Representedby : 

Capital stock paid in $228,507 

Floating debt.... 249,977 

$477,5f4 

This company has paid no dividends for the last three years, and until recently 
it has been burdened with a floating debt nearly the size of its capital. During 
the past year, a portion of it was converted into stock, and $109,937 funded. The 
road is not very advantageously situated for revenue, the New Bedford and Taun- 
ton road being a competitor for the through business, having the advantage of seven 
miles for New Bedford, and six for Fairhaven in the distances from Boston, and 
all the advantage in the New York travel. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending November 30 1857. 1858. 

Gross receipts $50,752 $43,053 Dec. $7,699 

Operating expenses 36,389 31,361 " 5,023 

£559! Net earnings $14,363 $11,692 " $2,671 

Falling off in gross receipts in 1858, 15 per cent. 
" net earnings " 19 " 



ANNUAL. 




1858. 

27„20 

2„42 


Dee. 

(C 


1„12 
„53 


1„14 


Inc. 


„98 


$780 


Dec. 


$177 



328 capitalist's guide and railway 

1857. 

Net income from gross receipts, per cent 28,, 32 

" on cost of road and equipm't, per ct. 2, ,95 

Deficiency of income to meet interest on debt 

(upon capital stock), per cent 0,,16 

Net earnings on length of road, per mile $957 



OFFICERS. 

E. Sawin, President. Henry Tripp, Treasurer. 

J. F. Terry, Secretary. Horace Scott, Superintendent. 

Directors 
E Sawin, Ed. W. Howla.nd, Loring Meigs, 

Nath'l Church, L C. Tripp, J. F. Terry. 

W. L. B. Gibbs, 



CONNECTICUT AND PASSUMPSIC RIVERS RAILROAD. 

From White River Junction to Barton, Vt 90 miles* 

Connecting at White River Junction with the Northern (N. H.) Railway. 
" " " " Vermont Central " 

Well's River " White Mountains " 

" Haverhill " Boston, Concord and Montreal 

Railway. 

This road is to be extended to the Canada line, with a view of uniting with 
Stanistead, ShefFord and Chambly road, which will have its terminus at Lon- 
gueil, opposite Montreal. But if the company is obliged to resort to legal measures 
to enforce the payment of subscriptions, the road will hardly go north of Barton 
for the present. The reports do not give the usual information respecting the 
cost of the road, capital stock, assets, liabilities, income account, or tables, show- 
ing the condition of its rolling stock — omissions that are inexcusable. The infer- 
ence is, with the results of the past two year's business, that the finances of the 
company do not present a favorable aspect for the speedy completion of the road 
to the State line. 

The amount expended upon the line from White River Junction to Barton, 
including equipment, as near as can be ascertained, is $2,531,147, equal to $28,127 
per mile. The capital stock paid in has been about $1,097,600, with a mortgage 
debt of $800,000. If these figures are an approximation to facts, they show that 
the floating debt must be about $600,000. From the annual reports, it is impos- 
sible to learn whether the interest is punctually paid ; and the reader is referred 
to the following analysis of its traffic to determine the value of its securities, as 
well as its advantages for revenue. 

BUSINESS OF THE ROAD FOR THE PAST T^O YEARS. 

Fiscal year ending May 31 1857. 1858. 

Gross receipts $175,837 $171,625 Dec. $4,212 

Operating expenses 104,530 102,153 " 2,377 

Net earnings $71,307 $69,472 " $1,835 

Falling off in gross receipts in 1858, nearly 1\ per cent. 
" in net earnings " " 2$ " 



BELV1DERE RAILROAD. 

1857. 

Net income frem gross receipts, per cent 40, ,52 

on cost of road, per cent 4,, 

" Deficiency of income to meet inter- 

est on debt upon capital stock, 

per cent 1„ 

Net earnings on length of road, per mile $1,188 



1858. 
40,62 
2„78 



„14 

$772 



329 



Inc. „10 
Dec. 1„22 



Inc. 



4 



Dec. $416 



OFFICERS. 

Henry Keyes, President. N. P. Lovering, Treasurer. 

Josiah Stickney, Vice President. Geo. P. Merrill, Superintendent. 



Henry Keyes, 
Josiah Stickney, 
Erastus Fairbanks, 
E. Cleveland, 
Wm, Thomas, 



Directors. 

Benj. Pomeroy, 
Uriel Crocker, 
Emmons Raymond, 
B. P. Cheney, 
John Gilman, 



Albert Knight, 
E. B. Chase, 
Thos. Upham, 
T. B. Williams, 
C H. Brown, 



BELYIDERE EATLEOAB. 

From Trenton to Belridere, N. J 64 miles. 

Connecting at Trenton with the Philadelphia and Trenton Railway. 
" Flemington Junction with the Flemington " 

Phillipsburg " New Jersey Central Railway. 

Easton " Lehigh Valley " 

Belvedere " Delaware, Lackawanna and W. 

Railway by omnibusses, 3 miles. 

The capital stock is wholly owned by the Camden and Amboy Railroad ; the 
control of the road, therefore, rests with that company. 

The cost of the road, equipment, real estate, &c, including the 

track from Phillipsburg to Belvidere, to Oct. 1, 1858, is $2,937,613 

equal to $15,900 per mile. 

Represented by : 

Capital stock paid in $1,000,000 

1st Mortgage bonds $1,000,000 

2d " « 445,500 

Camden and Amboy Railroad Co 24-1,000 

Floating debt 203,892 

1,893,392 

$2,893,392 

The Flemington Railroad, 11 miles long, is operated by this company. 

BUSINf-SS OF ' HE ROAD FCR THE PAST TWO YEARS. 

To Oct. 1 1857. 1858. 

Gross receipts $243,393 $2iJ4,383 Dec. $19,010 

Expenses 128,860 134.321 Inc. 5.461 

Net earnings $114,533 $90,062 Dec. $24,472 

28* 



330 capitalist's guide and railway annual. 

Falling off in receipts in 1858, 8 per cent. 
Decrease in net earnings in '• 21^ " 

1857. 1858. 

Net income from gross receipts, per cent 47,,22 40,,48 Dec. 6,,74 

" on cost of road, per ct 3,,91 3,,07 " ,,84 

" for the Camden and Amboy R. 

R. Co., per cent 1,,31 Nothing. " I ,,31 

Net earnings on length oi road, per mile. . $1,789 $1,406 " $383 



OFFICERS. 

Charles Stitgreaves, President. John P. Stockton, Sec'y and Treas'r. 

Ashbel Welsh, Engineer, Sup't, and Gen. Agent. 

Directors. 

Charles Stitgreaves, Lewis Perrine, Richard Stockton, 

Saml. D. Stryker, W. P. Roberson, Edwin A. Stevens, 

Charles Bartless, Robt. F. Stockton, John R. Thomson. 



RALEIGH AJSD GASTON RAILROAD. 

From Raleigh to Gaston, N. C 85 mile?. 

Connecting at Raleigh with the North Carolina Railway. 

" Valley Junction with the Roanoke Valley Railway. 

" Gaston " Gaston Br- Petersburg Railway. 

" Weldon " Wilmington and Weldon " 

" " " Seaboard and Roanoke " 

" " " Petersburg (main line) " 

No report received for 1858. 

From an old report, the cost of the road appears to be as follows : 

Old road from Raleigh to Gaston $400,000 

Cost of re-construction and equipment 572,264 

" connection from Weldon to Gaston 175,000 

" " with N. C. road at Raleigh 23,582 



equal to $13,770 per mile. 

Represented by : 

Capital stock paid in $973,300 

Coupon bonds due in 1862 100,000 

Surplus profits (applied to construction) 97,546 



$1,170,846 



$1,170,846 



BUSINESS OF THE EOAD FOR 1856 AND 1857. 

1856. 1857. 

Gross receipts $253,543 $206,917 Dec. $46,631 

Expenses 98,442 98.366 Inc. 76 

Net earnings $155,106 $108,551 Dec. $-16,565 

Falling off in receipts in 1357, 18| per cent. 
There being no ieport for 1858, the comparisons are between 1856 and 1857. 



EVANSVILLE AND CRAWFORDSVILLE RAILROAD. 

1856. 1857. 

Net income from gross receipts, per cent 61, ,22 54,, 20 Dec. 

" on cost of road, per ct 13,,26 9,,28 " 

" for stockholders, per cent 13, ,37 10,, 

Net earnings on length of road, per mile $1,754 $1,195 " 



331 



7„02 
3„98 
3„37 



OFFICERS. 

Wm. J. Hawkins, President. W. W. V ass. Treasurer. 

P. A. Dunn, Superintendent. 



Dr. Wm. J. Hawkins, 
Geo. W. Mordecai, 



Directors. 
G. W. Wilder, 

C. L. WlNTON, 

Jno. G. King, 



Thos. Miller, 
A. C. Perky. 



EVANSVILLE AND CRAWFORDSVILLE RAILROAD, 

From Evansville to'Terre Haute, Ind 109 miles. 

Connecting with the steamers on the Ohio river at Evansville. 
" at Vincennes with the Ohio and Mississippi Railway. 

" " Terre Haute " Terre Haute and Richmond Railway. 

" " " " " Alton and St. Louis " 

No report of 1858 received. 

. The following is the latest published exhibit of the financial condition of the 
company, and is presumed to convey a pretty correct idea of the cost of the road 
and its liabilities at the close of the last fiscal year. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending August 31, 1857. 



Cr. 



♦Cost of road and equip- 


$2,158,713 
74,700 

12,833 
28,596 

2,750 
3,066 
3,090 


Capital stock 


$986,061 

1,219,100 

51,772 

26,815 










struction account 

Materials ami fuel 

Invested in Wabash navi- 
gation stock. ... 

Due by accounts 

Cash 










$2,283,748 


1 


$2,283,748 



* Or $20,500 per mile. 



332 capitalist's guide and railway annual. 

Receipts from passengers in 1857 ... $143,334 

freight 87,910 

" express, mails, &c 18,623 

Total $249,867 

Expenses of operating the road $125,727 

Interest on debt 73,599 

Discount, interest and exchange 19,019 

Taxes 4,708 

$223,053 

Surplus earnings $26,814 

Net income from gross receipts 49,,65 per cent. 

on cost of road 5,. 57 " 

for stockholders 2„72 " 

Net earnings on length of road . . $1,140 per mile. 



OFFICERS. 

W. D. Griswold, President. Jno. E. Martin, Secretary and Treas'r. 

Jno. Ingle, Jr., Superintendent. 



W. D. Griswold, 
J. W. Maddox, 
Jno. Ingle, Jr , 
Geo. W. Rathbone, 



Directors. 

Chauncey Rose, 
Wm. Bitrtch, 
Joshua Alsop, 
J. A. Garnett, 
P. E. Harris, 



Geo. R. Stule, 
Jno. S. Hopkins, 
S. T. Girauld, 
M. W. Foster 



NORTH CAROLINA RAILROAD. 



From Goldsboro' to Charlotte 223 miles. 

Connecting at Goldsboro' with the Atlantic and North Carolina Railway. 
" " " "Wilmington and Weldon ** 

" Raleigh " Raleigh and Gaston " 

" Salisbury " N. C. Western (in progress) " 

" Charlotte " Charlotte and S. Carolina " 

This road was chartered in January, 1849, with a capital of $3,000,000, the 
State of North Carolina subscribing $2,000,000 in 6 per cent bonds Subse- 
quently, the General Assembly increased the capital to $4.00(1,000, authorizing an 
additional subscription on the part of the State of $1,000,000, so that she now 
owns $3,000,000 of the stock of this road. 

The cost of the whole line, including rolling stock and other appur- 
tenances, to the present time, is about $4,500,000 

equal to $20,180 per mile. 

The company have no bonded debt and but a small floating debt. Its credit is 
good, with a steadily increasing revenue from traffic. No dividend has ever been 
paid, and probably none will be for several years to come — yet it is very manifest 



CLEVELAND AND MAHONING RAILROAD. 333 

that it has paid the people, by the enhanced value of their lands, the increased pro- 
duction which it has stimulated, the diminished cost and time required to get 
produce to market, and in the facilities for travel. 

The company make no reports except to the legislature, 'which will account for 
the omission of the traffic returns for the past two years. 



OFFICER. 
Chabi.es F. Fisher, President. 



CLEVELAND AND MAHONING RAILROAD. 

From Cleveland, O , to Newcastle, Pa 87 miles. 

In operation, from Cleveland to Youngstown 67 miles. 

Projected, from Youngstown to Newcastle 20 " 

Total length 87 miles. 

Conne ting at Cleveland with ihe different roads diverging from that city, and at 
Warren wi;h the Atlantic and Great Western Railway, a broad guage road pro- 
jected from Dayton, Ohio, to Great Valley, on the New York and Erie, 49 miles 
east of Dunkirk. This road, upon its completion to Newcastle, will unite with 
the Northwestern Pennsylvania road now progressing from Blairsville Junction, 
on the Pennsylvania Central to Newcastle. The opening of these lines will add 
largely to the passenger business of the Cleveland and Mahoning, it being now 
supported almost exclusively by the local business along its line, chiefly from car- 
rying coal to Cleveland. 

The cost of the road and equipment, together with all real estate, to 
Dec. 31, 1858, is $1,920,953 

or $80,763 per mile. 
Represented by : 

Capital stock paid in $580,000 

Funded Debt— 1st Mortgage bonds $694,500 

2d " " 469,000 

3d " " 38,800 

$1,202,300 

Floating debt.., 161,200 

$1,943,500 

This floating debt has been the cause of perplexing embarrassments to the 
company since 1857. In a circular put forth on the 14th November, 1857, the 
directors offered to create a 3d mortgage for $1,150,000, $500,000 to be used for 
the purpose of retiring the same amount of 2d mortgage bonds now outstanding 
(when this 3d mortgage would be a second lien upon the property of the com- 
pany), leaving $600,000 in the hands of the company for sale. Of this amount, 
$400,000 was offered to its stockholders, one-half payable in stock at par, and the 
other half in money. If the entire amount was not taken by the stockholders, 
the same proposition was to be made to others. It was thought that by this ar- 
rangement $200,000 in cash could be raised, which, with the convertible means of 
the company and the loans secured on real estate, would relieve it from embar- 
rassment. On the 31st December, 1858, the 2d mortgage bonds were reduced but 



334 capitalist's guide and railway annual. 



$31,000, and the 3d mortgage bonds issued only to the extent of $38,800, which 
shows that th? finances have only been improved so far as the surplus earn- 
ings in 1858 afforded relief. The aggregate receipts show but a small decline 
as compared with 1857, while those from miscellaneous freight are much larger. 
The decrease in coal freights was occasioned chiefly by the reduced cost of trans- 
portation on the Pennsylvania and Ohio canal, which is nearly, if not quite, fifty 
cents per ton less than it was the season before the road was opened. To meet 
this drawback upon coal, freights were allowed to the amount of $16,449 29, 
which is nearly 50 per cent, greater than the entire decrease in the net earnings 
during the year. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 



Passengers . . 

Freight 

Coal 

Mail 


1857. 

$52,141 34 

56,404 74 

137.645 63 

3,060 75 


1858. 

$43,367 98 

80,293 50 

105,501 54 

2,943 76 

$232,106 78 Dec. 
89,257 23 

$142,849 55 

1857. 1858. 

. 61 .,51 61„57 

. 8„ 7„44 

. 10,, 13 8„24 

$2,291 $2 132 

Charles Pease, S 
O. M. Burke, Tre 

James Ma 
ham, Reuben I 
, Frederick 




Total receipts 


.... $249,252 46 
... . . 95,474 55 


$17,145 68 
6,217 32 




.... $!53.777 91 


$10,923 36 


Falling off in receipts in 1858, 6,,81 per cent. 
Decrease in net earnings " 7,, 13 " 

Net income from gross receipts, per cent 

" on cost of road, &c, " 

" for stockholders, " 

Net e rnings on length of road, per mile 


Inc. „04 

Dec. „56 

" 1„89 

" $159 


OFFICERS. 

Charles L. Rhodes, Vice Pres. and Sup't. 

Directors. 

Charles L. Rhodes, R. W. Cunning 
Dudley Baldwin, Hon. David Tod 


ecretary. 
asurer. 

GEE, 

Iitchcock, 
Keeisuraw. 



McMIMVILLE AND MANCHESTER RAILROAD. 

From Tullahoma (on N. & C . R. R.) to McMinnville, Tenn 34 miles. 

Connecting with the Nashville and Chattanooga Railway, to which it is leased 
for five years from January 1, 1857. For a period of 11 months, this road has 
been operated under the lease to the N. cSc C. R. R. Co., at a loss of $11,796 15. 
The net earnings from traffic were $13,723 37. but the interest on its bonds, and 
those received from the State, amounting to $25,519 42, leaves a deficit as above 
stated . 

The whole cost of the road and equipment — the latter consisting of 

2 Locomotives and 24 cars — is $565,459 

or $16,632 per mile. 



HARRISBURGH AND LANCASTER RAILROAD. 335 

Represented by : 

Capital stock paid in $140,097 

From State of Tennessee, under the Internal Improve- 
ment Act 372,000 

Company's 7 per cent, bonds 24,000 

6 " " 10,000 

$546,097 

By the terras of the lease, tbe Nashville and Chattanooga Railroad Company 
pay the interest to the State and to the holders of the $34,000 bonds, and apply 
the surplus (if any) to the extinguishment of the debt for money advanced by 
them. 



OFFICERS. 
P. H. Marbi'ry, President. H. H. Harrison, Sec'y and Treas'r. 



HARRISBURGH AND LANCASTER RAILROAD, 

(Known as the Harrisburgh, Portsmouth, Mount Joy and Lancaster Railway.} 

Main line, from Lancaster to Harrisburg, Pa 38 miles. 

Columbia Branch, from Columbia to Br. Intersection 18 " 



Total length 56 miles. 

The main line is operated by the Pennsylvania road. 

Cost of main line $1,532,597 

" Branchroad 294,035 

" New depot 55,065 



$1,881,697 



equal to $33,600 per mile. 

Represented by : 

Capital stock paid in $1,056,450 

New Dollar Bonds, 6's, 1883 459,872 

$1,516,322 

Excess' of means $365,375 

This company paid dividends of 12 per cent, in 1857, and 10 per cent, in 1858 — 
and has no floating debt. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending 31st August 1857. 1858. 

Gross receipts $452,802 $411,522 Dec. $41,280 

Operating expenses 267,571 257,950 " 9,621 

Net earnings $185,231 $153,572 " $31,659 

Falling off in gross receipts in 1858, 9 per cent. 
Decrease in net earnings in 1858, 17 " 

1857. 1858. 

Net income from gross receipts, per cent 40,,89 37„37 Dec. 3„52 

" on cost of road, " 9„85 8„17 " 1„68 

for stockholders, " 13„61 10„86 " 2,.75 

Net earnings on length of road, per mile $3,307 $2,742 " $565 



336 capitalist's guide and eailway annual. 



OFFICERS. 
Joseph Yeager, President. Kirk Few, Superintendent. 



Joseph Yeager, 
Wm. Ford, 
A. S. Roberts, 
Henry Bcehler, 



Directors. 
W. W. Longstreth, 
Jno. H. Town, 
John - Holmes, 
David Lapsley, 
James Magee, 



Robt. V. Masse v, 
Jas. Mehaffey, Jr. 
J. B. Lippincott, 
James Young. 



BUFFALO AND STATE LINE EAILROAD. 

From Buffalo to State line 69 miles. 

Connecting at Skate line with the Erie and Northeast Railroad, to Erie, Penn., 
19 miles, forming what is commonly known as the Buffalo and Erie line. Thus 
road connects at : 

Buffalo with the Buffalo and Niagara Falls, and Lewiston Railway. 

" New York Central " 

" " Buffalo, and New York and Erie " 

" " Buffalo and Like Huron " 

" " Lockport and Buffalo " 

M " steamers for Cleveland, Monroe, Detroit, Lakes Superior and 
" " Michigan. 

Dunkirk " New York and Erie Railway. 

" " Lake propellers. 

Erie " Cleveland, P. and Ashtabula Railway. 

" " Sunbury and Erie " 

The Erie and Northeast road is leased to the Buffalo and State line company, 
according to an act of the Legislature passed in 1857. 

This road may be regarded as virtually an extension of the New York Central, 
and properly belongs to the New York system of railways inaugurated in 1853. 
Prior to that year, it received material aid from the different liues between Al- 
bany and Buffalo ; and at the tima of consolidation, the New York Central as- 
sumed the ownership of ${31,200 of its stock. It extends along the south shore 
of Lake Erie to Toledo, under different names, which forms the great connecting 
link in the chain of railways in Illinois, Indiana and Michigan with the two trunk 
lines traversing the State- of New York to tide water. 

The compil r has been unable to procure a response to his application for infor- 
mation to bring the affairs of this company down to the close of its last fiscal 
year, but has received assurances that it continues to pay regular dividends, has 
met its liabilities promptly, and that its affairs are managed to the satisfaction of 
its share and bondholders. All this may be satisfactory, so long as parties inter- 
ested hold on to their securities ; but as railway investments are constantly chang- 
ing hands, it might be politic on the part of the company to have its affairs pre- 
sented to the public in a correct form, especially if they are in that favorable con- 
dition represented. The excuse of the president of the company, in not being 
able to furnish such information as he is required to do to the State engi- 
neer, without the sauction of the Board of Directors, shows a desire to keep from 
the public the true condition of the road, both its finances and traffic. 

In consequence of a refusal to have its affairs made public (for it amounts to 
nothing more), the compiler is obliged to insert the latest report at command, 
viz : that made to the State engineer 30th September, 1857, which is as follows : 



BUFFALO AND STATE LINE RAILROAD. 



337 



The capital stock of the company paid in $1,720,650 

Funded debt 980,000 

Floating " 211,002 

Total liabilities $2,911,652 

Represented by : 

Cost of road and appurtenance*. $2,235,990 

" equipment 503,946 

$2,739,936 

Excess of liabilities $171,716 

Equal, without equipment, to $32,405 per mile. 
" with " 39,709 

Equipment consists of 28 Locomotives, 40 Passenger and baggage, and 275 
Freight cars. 



BUSINESS OF THE ROAD FOR 18-36 AND 1857. 

Year ending S ;ptemher 30 1856. 1857. 

Gross earning $89.5,438 $S50,409 Dec. $15,029 

Expenses...." 566,570 614,106 Inc. 47,5:36 

Net earnings $298,868 $236,303 Dec. $62,565 

Falling off in gross receipts in 1857, 5 per cent. 
Decrease in net earnings in " 214 " 

1856. 1857. 

Net income from gross receipts, per cent 33,,46 27. .80 Dec. 5,, 66 

" on cost of road, ice, psr cent 13,,47 8,,70 " 4„77 

for stockholders, per cent 17„60 9,,66 " 7„94 

Net earnings on length of road, per mile $4,331 $3,425 " $906 

The capital stock ha3 been increased from 1856 to 1857 $420,650, probably in 
the purchase of the Erie and Northea t road, with which it Iris for sometime 
past had a running connection. The bonded debt, to the extent of $100,000, was 
paid off in April, 1857, and subsequently $S0,000 of bonds due in 1870 have been 
issued to the Erie and Northeast road, in exchange for the same amount of the 
bonds of that company. Dividends in 1855, 10 per cent ; in 1856, 10 per cent. ; 
and in 1857, 8 per cent 



Geo. Palmer, President. 

Dean Richmond, Vice President 



OFFICERS. 

W. F. Staunton, See'y nnd Treas'r 
R. N. Brown, Eng. and Sup't. 



Geo. Palmer, 
Dean Richmond, 
Alanson Robinson, 
Joseph Fields, 



Dim tors. 

Jas. Wadsworth, 
G, W. Patterson, 
Hon. Hamilton White, 
Daniel Drew, 
Charles Moran, 



H. L. Lansing, 
Henry Russ, 
C. H. Lee, 
John Wilkinson. 



29 



338 capitalist's guide and railway annual. 



NEW ALBANY AND SALEM KALLROAD. 

From New Albany (on Ohio river) to Michigan City (on Lake 

Michigan) 288 miles. 

Connecting at Mitchell with the Ohio and Miss Railway. 

" Bloomington " Crawford and Indiana Railway. 

" Greencastle " Terre Haute and Richmond Railway. 

" Crawfordsville with the Evansville and Crawford " 

" Indianapolis June. " Lafayette and Indianapolis " 

" Lafayette " Toledo, Wabash and Western Railway. 

" Mich. S. R. R. June, with the M. S. & Northern Ind. " 

" Michigan City " Michigan Central " 

This company has been much embarrassed for two or three years past, owing 
to its large funded debt ; and the interest upon a large portion has remained un- 
paid since 1856. The road has recently passed into the hands of D. D William- 
son, trustee, for the holders of the 2d and 3d mortgage aud income bonds, for the 
purpose of converting them into stock at par. The floating debt has been entirely 
paid off by a loan of $200,000, made by the 1st mortgage bondholders, and which 
is a first lien upon the earnings of the road after the payment of the first mort- 
gage interest. All the liabilities of the company, with the exception of the 1st 
mortgage debt, have been converted into stock ; and after the reimbursement of 
the $200,000 mentioned above, the road reverts to the stockholders. The follow- 
ing is the basis for the new organization : 



♦Represented, by cost of 
road, equipment, real es- 




Capital stock 


$2,800,000 




Derived from the following 




tate, 6cc 


$6,000,000 


liabilities of old comp'y : 
2d M. bonds... $1,000,000 












3d " " .. 548,200 








Income " .. 402,400 








Deferred inter- 








est 562,012 








Contingencies. 62,388 








Oldstock.atlO 




< 


. 


percent 225,000 






$2,800,000 








Funded debt : 








Crawfordville 








bonds, 7's.. $175,000 








1st M. bonds, 








10's 500,000 








1st M. bonds, 








8's 2,325,000 










$3,000,000 










Loan by 1st M. bondholders. 


200,000 




$6,000,000 


$6,000,000 



*EquaJ, for 288 miles of road, to $20,837 per mile. 

L T nder the above reorganization, the company will find but little difficulty for 
the future in providing from the earnings of the road the annual interest upon 
the funded debt, and in extinguishing the loan made by the holders of said debt, 
as the former earnings of the road will show : 



SCIOTA AND HOCKING VALLEY RAILROAD. 



339 



BUSINESS OF THE ROAD FOR 1856 AND 1857. 

Year ending June 30 1856. 1857. 

Gross receipts $730,407 $686,813 Dec. $43,594 

Operating expenses 340,949 418,722 Inc. 77,773 

Net earnings $389,458 $268,091 Dec. $121,367 

The gross earnings for 1858 will not differ materially from those of 1857, but 
■will show a decrease from 1856. On the other hand, the expenses have been re- 
duced so far as' operating the road permitted ; but the track, bridges and roll- 
ing stock require repairs to put the road in a condition to do a large business. 

No report for 1858 received. 



James Brooks, President. 



James Brooks, 
Geo. F. Talman, 
Joseph Rawlins, 

Thomas Smith, 



OFFICERS. 



Directors. 

B. Crawford, 
J. J. Brown, 
Jacob Daggw 
Joseph E. Goss, 
John Gordon, 



Geo. Lyman, Secretary. 



John B. Anderson, 
Walter Mann, 
W. S. Culbertson, 
J. C Eltson. 



SCIOTA AND HOCKING VALLEY RAILROAD. 



From Portsmouth to Newark, Ohio 136 miles. 

Finished, from Portsmouth to Hamden 56 miles. 

Graded, " Hamden to N ewark 80 " 

Total 136 miles. 

Connecting at Portsmouth with steamers on tbe Ohio river. 

" Hamden " Marietta and Cincinnati Railroad. 

The southern portion of the road — 44 miles in length — from Portsmouth to 
Jackson, was opened in 1853. and in 1855 it was completed to Hamden. Nearly 
the whole length, from Hamden to Newark, has been graded for three years past, 
and yet the credit of the company is so poor that it has been unable to raise the 
means with its bonds to procure iron rails and additional equipment. 

Had the line been opened to Newark, so as to have formed a junction with the 
Sandusky, Mansfield and Newark road, a straight line would have been opened 
connecting Lake Erie with the Ohio river through the centre of the State, which 
would have added largely to the revenue of both roads ; besides which, having 
extensive feeders along the entire line, this road, from its close proximity to the 
numerous iron manufactories and coal fields, would have become an important 
element in the distribution of their products. 

No late report has been published, nor coul .". the compiler obtain information 
that will throw much light upon the present condition of the road or its finances. 
The credit of the company is bad, or its mortgage bonds would not be selling at 
such low prices. 

In 1856, the company had resources as follows : 

City and county subscriptions $300,000 

Individual subscriptions, including stock issued to con- 
tractors .' 1,200,000 

$1,500,000 



1st Mortgage bonds on 44 miles of the road $300,000 

Mortgage " on the whole line of road 2,200,000 

$2,500,000 

Total $4,000,000 

Amount expended on road $888,858 

Securities available for the completion of the road 3,111,142 

$4,000,000 

How many of the bonds have since been put in market, it is impossible to learn. 



OFFICERS. 

Chas. A M. Damarin, President. J. W. Collins, Secretary. 
J. V. Robinson, Vice President. - George Waller, Treasurer. 

Directors. 

Charles A. M. Damarin, Jas. Newman, Jacob Westfall, 

J. V. Robinson, Sen., E. B. Lodwick, D. B. Wolf, 

Geo. A. Waller, Peter Pickerell, Chas. C. Hood. 



MEMPHIS AND OHIO RAILROAD. 

From Memphis to Tennessee river 148 miles. 

In operation, from Memphis to Brownsville 56 miles. 

Completed, from Brownsville to Junction Mobile and Ohio 

Railroad 25 " 

Partially graded, from Junction to Paris 49 " 

Under contract, from Paris (o Tennessee river 18 " 

Total length 148 miles. 

Connecting at Memphis with the roads diverging from that city, and with steam- 
boats for the Mississippi, Ohio, Missouri, Cumberland and Tennessee rivers. 
When finished, this road will make close connections at Paris with the Memphis, 
Clarksville and Louisville Railway, now in progress {see p. 160). It was opened 
to Brownsville in September, 1856. The gross receipts for the year ending Sep- 
tember 30, 1858, upon the 56 miles operated, was : 

Passengers $51,426 98 

Freight 63,991 16 

Mails 3,529 97 

Total receipts $116,948 11 

The operating expenses were : 

Maintenance of way $13,901 19 

Repairs of engines and cars 6,881 23 

Transportation, &c 28,802 41 

$49,584 83 

Net earnings for the year $67,863 2S 

or 57,, 57 per cent, of gross receipts. 



MEMPHIS AND OHIO RAILROAD. 341 

The amount expended on the road from Memphis to Brownsville is as follows : 

Railroad proper $987,732 

Buildings 35,044 

Equipment 115,117 

Discount and interest 240,951 

Expenses 126,130 

$1,504,974 

or $26,637 per mile. 

Derived from the following sources : 

Capital stock paid in $725,000 

State of Tennessee State bonds, road 570,000 

" " " " Hatchie bridge 100,000 

Bonded debt 29,000 

Floating" 68,000 

$1,492,000 

The estimated cost of the road from Brownsville to Paris is as follows : 

Graduation, bridges and cross-ties $681,036 

Superstructure 592,900 

Equipment and turn-tables 140,200 

Buildings 33,500 

Salaries, engineering, &c 82,800 

$1,530,436 

or $20,800 per mile. 

Means of the company applicable to the same are : 

Individual subscriptions $462,975 

City of Memphis 170,000 

Shelby County 300,000 

Henry County (half of $200,000) 100,000 

State aid (in Tennessee bonds) 670,000 

Stock paid on contract 115,150 

Loan created by directors 52,000 

Balances due individuals 24,300 

Surplus earnings of road, deducting interest 27,093 

$1,921,518 

The total cost will be from Memphis to Paris, about $3,150,000, or $24,230 per 
mile. 



OFFICERS. 

Robertson Tapp, President. Jno. F. Trezevant, Treasurer. 

W. D. Pickett, Superintendent. 

Directors. 

Robertson Tapp, Q. C. Atkinson, G. T. Taylor, 

W. B. Miller, A. Woodruff, Jos. B. Stanton, 

S. P. Walker, F. Titus, W. H. Loving, 

R. C. Brinklev, John Pope, B. C. Brown. 

T. Crenshaw, 



,\ 



H. Tilghman, S of Tennessee. 



29< 



342 capitalist's guide and railway annual. 



ST. LOUIS AND IRON MOUNTAIN RAILROAD. 

From St. Louis to Pilot Knob (St. Francos Co.) 86 miles. 

(In progress, a branch from Mineral Point to Potosi, 16 miles.) 

This road passes over a very rough portion of the State, leading into a part of 
the country inexhaustible in its resources of valuable ore?,, particularly that of 
iron and lead. The superstructure is of the most substantial character, and was 
opened on the 12th April, 1858, the whole distance from St. Louis — with which 
connections are made with other railways, and steamers constantly leaving for 
the Mississippi, Ohio, Illinois and Missouri rivers. 

The amount estimated for completing the road to its southern terminus (Pilot 
Knob), is $118,244. The resources of the company are sufficient, with the bal- 
ance of State aid $B44 5 000, reserved or suspended (according to the Act of 3d 
March, 1857, until 1st March, 1859), without borrowing or creating a funded 
debt. The amount of floating debt is $171,103, which probably does not include 
$98,280 for the semi-annual interest remaining unpaid to the State for the Janu- 
ary installment, which the State had to provide for. 

The annual interest which must be provided for is ; 

Upon the State debt $196,560 

" County bonds 105,000 

Total, exclusive of interest on floating debt $291,560 

From which deduct net earnings for 11 months from 

November 1, 1S57, to October 1, 1858 $132,660 

Add for one month, estimated 11,055 

$143,715 

Deficiency of revenue to meet interest $147,845 

The estimates of the chief engineer, as regards the probable amount of busi- 
ness over the road between St. Louis and Pilot Knob, when completed and fully 
equipped, were : 

Gross. Net. 

From passengers $240,000 $159,998 

" Freight 482,390 240,745 

$722,390 $400,743 

For mo3t of the year 1858, the cars have been running nearly the whole dis- 
tance from St. Louis to Iron Mountain (81 miles), and yet the results of the first 
year's operations do not justify the liberal estimates put forth in 3857. The road, 
however, will no doubt, largely increase its earnings for the year 1859, as the 
mining and manufacturing interests were greatly depressed for the whole of the 
season under review. 

The total amount expended for construction, equipment, real estate, 
fixtures, and loss on sales of bonds, interest and contingent expen- 
ses, to 31st October, 1858, is $5,200,053 

equal to $G0,46o per mile ; cost, exclusive of discount, interest, &c, $4,0J5,744, 
or $47,036 per mile. 

Derived from the following sources : 

State of Missouri aid granted $3,600,000 

Bonds not issued 344,000 

issued (discount on same $578,548) $3,256,000 



TENNESSEE AND ALABAMA RAILROAD. 343 

Capital Stock— Subscribed by city of St. Louis, bonds. $500,000 
County " " .. 1,000,000 

" " Iron Mountain Co., cash 

and bonds 75,000 

City of Carondelet, b'ds. 50,000 
Washington Co., cash.. 75,000 
" " Madison Iron and Min- 
ing Co., cash 50,000 

Individuals, " 249.300 

$1,999,300 

Discount on above, $348,095. 
Floating debt $171,103 

$5,426,403 



OFFICERS. 
Madison Miller, President. C. H. Crawford, Superintendent. 

J. B. Moulton, Chief Engineer. S. D. Barlow, Treasuror. 



TENNESSEE AND ALABAMA KAILU0AD. 

From Nashville to Mount Pleasant, Tenn 53 miles. 

Connecting at Nashville with the Nashville and Chattanooga, and Louisville and 
Nashville itailways, and steamers for the Ohio and Mississippi rivers. 

It was originally contemplated to extend this road to the State line of Missis- 
sippi, 145 miles from Nashville ; but an amendment to its charter was obtained 
from the last session of the Tennessee legislature, reducing its length, and permit- 
ting it to stop at Mount Pleasant, in Maury county. The amount to which the 
company is entitled under the Internal Improvement Act, is $275,000, and for 
bridge aid $68,000, after deducting the amount previously issued ($17,000), mak- 
ing in all $343,000, of which $300,000 has been received by the company. Of the 
$200,000 endorsed bonds, $154,000 have been exchanged for the direct bonds of 
the State, and the company hold $32,000 ready to be exchanged. 

The following are the resources of the company : 

From State of Tennessee, State bonds received $771,000 

to be received... 43,000 

Bonds of the companv issued 14,000 

"onhand 32,000 

Stock subscriptions 1,021,893 

$1,881,893 

Amount expended on road and equipment to 30th June, 1858 935,697 

Surplus means $946,196 

Of which there is on hand : 

In State bonds $381,000 

" not issued 43,000 

Company's bonds on hand 32,000 

$456,000 

Other assets $490,196 



344 capitalist's guide and railway annual. 



The company owed on the 30th June, 1858 

Floating debt 

Planters' Bank, Tenn , 

Manhattan Bank, New York 



$83,037 
115,000 
50,000 



The two latter amounts secured by pledge of State bonds. 



$248,037 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Year ending June 30 1857. 1858. 

Receipts $53,775 $55,099 

Expenses 24,367 23,084 

Net earnings $29,408 $32,015 

Increase in net earnings in 1858, about 9 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 55„ 58„ Inc. 3,,00 

on cost of road, " 4„18 3„91 Dec. „27 

Net earnings on length of road, per mile $1,050 $1,143 Inc. $93 



OFFICERS. 

John Marshall, President. "W. O'N. Perkins, Superintendent. 

R. H. Bradley, Secretary. 



Frank Hardeman, Tret 



John Marshall, 
Thos. F. Perkins, 
Wm. P. Cannon, 
H. G. W. Maybe rry 
C. W. Nance, 



Directors. 

M. G. L. Claiborne. 
Jno. S. Claybrooke, 
Saml. Henderson, 
Jno. McGavock, 
B. M. Hughes, 



C. H. Kennard, 
P. W. Bai'Oh, 
W. O'N. Perkins, 
Wm. Park, 
Martin Stoddard. 



TENNESSEE AND ALABAMA CENTRAL BAILR0AD. 

IN PROGRESS. 

From Junction (Memphis and Charleston Railroad) to Tennessee 

State line 26 miles. 

Connecting with the Central Southern Railway (in progress) from Columbia, 
Tenn., to the Alabama State line. Twelve miles is completed, and the remaining 
distance (14 miles) will be finished in the spring of 1859. 

Amount expended on the 1st Division $144,818 

" " " 2d " 83,400 

$228,218 

Amount estimated to complete 1st Division $13,900 

" 2d " 108,700 

$122,600 

Total cost $350,818 

or about $13,500 per mile. 



CHARLOTTE AND SOUTH CAROLINA RAILROAD. 345 

Derived from the following sources : 

Capital stock paid in $291,716 

Bills payable 12,971 

Siter, Price & Co 1,602 

Earnings 2,684 

Stock subscriptions unpaid 55,521 

Memphis and Charleston Railroad Co 30,000 

Limeston County bonds 60,000 

$454,494 

Excess of means $103,676 

which will be applicable to the construction of station buildings, the purchase of 
equipment, &c. Thus far, the work has been accomplished without debt, and 
will probably be built and equipped without incurring any. 

Preliminary explorations have been made from Decatur south through the 
central part of the State, with a view of locating a line that will penetrate the 
coal and mineral region, and bring the northern extremity of the State in close 
proximity with the Gulf. 

The distance from Decatur to Mobile, via Montgomery, is 340 miles ; from De- 
catur to New Orleans via Memphis and Mississippi river, 988 miles ; from Deca- 
tur to Charleston, 592 miles ; and to Savannah, 555 miles. 



OFFICERS. 

James W. Sloss, President. G. Jordan, Jr., Sup't and Engineer. 

John T. Tanner, Sec'y and Treasurer. 

Directors. 

Jas. W. Sloss, W. W. Phillips, Thos. Redus, 

Luke Pryor, Thos. H. Hobbs, Henry Fennel, 

John R. Mason, John McDonald, J. C Orr. 



CHARLOTTE AND SOUTH CAROLINA RAILROAD. 

From Junction S. C. Railroad, 3 miles from Columbia, to Charlotte, 
N. C 109 miles. 

Connecting at Columbia with the Greenville and Columbia Railway. 

" " South Carolina (Columbia Br-) Railway. 

Chester " King's Mountain " 

Charlotte " North Carolina " 

No report for 1858 received. Tuat of 1857 gives the cost of the road, includ- 
ing engines, cars, depot buildings and real estate, at $1,919,046 

or about $17,605 per mile. 

Represented by i 

Capital stock paid in $1,500,000 

Bonded debt 384,000 

$1,884,000 

The equipment consists of 13 Locomotives; 9 Passenger, and 176 Freight and 
other cars. 



346 capitalist's guide and railway annual. 

The company are represented to be easy in their finances, and in good credit 
both at home and abroad. In 1855 a dividend of 6 per cent, was paid; in 1856 
3 per cent. ; if any was declared in 1857, the report does not show it. 

BUSINESS OF THE ROAD FOR 1856 AND 1857. 

Fiscal year ending Dec. 31 1856. 1857. 

Gross receipts $256,043 $240,722 Dec. $15,321 

Operating expenses 158,105 119,167 " 38,938 

Net earnings $97,938 $121,555 Inc. $23,619 

Falling off in gross receipts in 1857, 6 per cent. 

Increase in net earnings "24 " 

1856. 1857. 

Net income from gross receipts, per cent 38,,26 50,,64 Inc. 12„38 

" on cost of road, &c, " 5„15 6„94 " 1„79 

" for stockholders, per cent 4„73 8,, 13 " 3„40 

Net earnings on length of road, per mile $898 $1,115 " $217 



Wm. Johnston, President. 



Wm. Johnston, 
A. B. Davidson. 
T. S. Dubose, 
W. R. Robinson, 



OFFICERS. 



T. J. Sumner, Superintendent. 
Directors. 

A. R. Taylor, 
A. B. Springs, 
J. H. White, 
John Caldwell, 



C Boatwright, Sec'y and Treas'r. 



Henry Lyons, 
H. C Brawley, 
J. A. Young. 
Saml. McAliley. 



MILWAUKEE AND BELOIT RAILROAD. 



From Milwaukee to Delevan, Wis 49| miles. 

(progressing.) 

The object of this road is to open a direct route (almost in a straight line) to 
the Mississippi river. The advantages claimed for it are that Milwaukee pos- 
sesses a better harbor than Chicago ; that the difference in distance to the lower 
lakes, and the discrimination by underwriters in favor of Milwaukee, are impor- 
tant considerations in the shipments of grain to the east. Added to this, the 
opening of the Detroit and Milwaukee Railway, and its connection with Milwau- 
kee by a steam ferry, without interruption, at all times of the year, by which the 
distance to the Suspension Bridge is shortened some 70 to 80 miles, it is con- 
tended, will bring a considerable travel through Milwaukee, destined for the 
northwest, that now goes to Chicago. This straight line is to be developed in 
this and the Racine and Mississippi roads, both uniting at Beloit. Unfortu- 
nately, however, before the enterprise could be developed sufficiently to com- 
mand the attention of capitalists, the financial troubles of 1857 — which oper- 
ated with great severity upon all Wisconsin roads— overtook it ; and as the road 
had never been embarrassed bj r financial mismanagement, it was deemed wise on 
the part of the Board of Directors to suspend work until confidence in new roads 



MILWAUKEE AND BELOIT RAILROAD. 347 

should be restored. Since then, very little has been done except to keep the 
graduation from being injured by the weather, and the completion of such por- 
tions as could be done without additional appropriations of money. 

The amount expended to 1st March, 1858, was : 

For graduation, Eastern division, 32 miles $280,049 

Western " 17 i miles 16,487 

Real estate and depot grounds 112,257 

Right of way 18.884 

Cross-ties 9,488 

Engineering 18,181 

Interest ami discount on bonds 30,710 

Expenses 37,611 

_ $523,667 

Real estate bonds, city bonds, bills receivable, and cash 

in the treasury $57,321 

$580,988 
The funds used thus far in construction, and what remains on hand, were de- 
rived as follows : 

From stock subscriptions received in cash $173,477 

" " '• in farm mortgage bonds 124,900 

" City of Milwaukee city bonds 100,000 

" ' Retained per ceutage and dues to contractors .... 52,203 

" Bills payable and accounts 130,408 

$580,988 

Estimated cost to complete and equip the road : 

Additional graduation, Eastern division $183,765 

Western " 232,834 

Iron, ties, spikes, chairs, &c, for whole line 320,789 

Station houses, water tanks and turn-tables 10,000 

Equipment 70,000 

Right of way and depot grounds, additional 110,091 

Engineering, superintendence and contingencies 35,000 

$962,479 
Add already expended $523,667 

Total cost when completed $1,486,146 

or $29,722 per mile. 
Means of the company applicable to the continuance of the work : 

Real estate bonds, &c. , as above $57,321 

1st Mortgage 8 per cent, bonds $630,000 

Less in circulation 4,000 

626,000 

Stock subscriptions uncollected 169,562 

" " notcalledin 195,800 

Real estate not wanted by the road 36,000 

Total $1,084,683 

From which deduct debts due by the company 182,611 

$902,072 
Cost of completing road, as above 962,479 

Deficiency of means $60,407 

As the 1st Mortgage bonds will not buy the iron and equipment in the present 
condition of railway credit, the work must remain suspended until the securities 
of all roads regain the confidence of capitalists — unless the projectors furnish 



348 capitalist's guide and railway annual. 

other means for completing the road. The company has all its bonds except four 
on hand, but is unable to make calls upon its stockholders until steps are taken 
for laying down rails on all or a portion of the work that is graded. In its present 
condition, it has no income, and does not now pay the interest upon the city or 
farm mortgage bonds that the contractors received for work done and put in cir- 
culation. 



OFFICERS. 

, President. Samuel Farrar, Secretary. 

Timothy Mower, Vice President. Martin B. Medbery, Treasurer 
J. C. Williams, Chief Engineer. 

Directors. 
(March 3d, 18580 

George D. Dousman, 
William Mullins, 
Sew all Andrews, 



Horatio Hill, 
Martin B. Medbery, 
William J. Whaling, 



Timothy Mower, 
Edward Elderkin, 
Leonard E. Downir. 



NOHTHEBN (OGDENSBUKGH) RAILROAD. 



From Ogdensburgh to Rouse's Point 118 miles. 

Connecting at Potsdam Junction with the Potsdam and Watertown Railway. 
" Mooer's " Plattsburg and Montreal " 

' Rouse's Point " Vermont and Canada " 

This road was completed in October, 1850. For many years it was in embar- 
rassed circumstances, and unable to pay the interest upon its funded debt, whioh 
finally ended in its surrender to the trustees for che 2d mortgage bonds. 

The cost of the road up to that time, including equipment and build- 
ings, had been $4,741,483 

equal to $40,182 per mile. 

Represented by : 

Capital stock $1,611,527 

1st Mortgage bonds $1,500,000 

2d " " 3,077,000 

4,577,000 

$6,188,527 

besides a large floating debt, the amount of which is not furnished, and is not 
important, as the road was sold on the 21st day of October, 1856, upon a fore- 
closure of its 2d mortgage, and was bid in i.y the trustees for the benefit of those 
they represent. The sale was made subject to a 1st mortgage of $1,500,000. The 
original capital stock, and a large portion of the floating debt, was wiped out by 
the sale. No interest has been paid on the 2d mortgage bonds since April, 1854. 
The legislature in 1857 authorized the 2d mortgage bondholders to form a cor- 
poration for the purpose of owning and operating the road and other property 
acquired by the foreclosure ; and on the 31st December, 1857, a new company (the 
Ogdensburg Railroad Company) was formed, representing a capital embraced in 
the two mortgages of $4,571,900. 



NORTHERN (OGDENSBURGH) RAILROAD. 349 

The total net earnings since 1855 a e $589,562 53, disposed of as follows : 

let Mortgage coupons $415,452 32 

" " bonds and trustees 8,384 33 

Interest, discount and exchange 10,342 72 

Materials and fuel on hand 73,897 03 

Expenses connected with steamer and barges. 5.919 14 

Malone Water Works 500 00 

Machinery and furniture for machine shop 12,763 19 

Malone machine shops 3?. 176 46 

Accounts receivable $72,814 69 

Less notes and accounts payable. 57,594 81 

15,219 88 

Locomotive engine 7,^87 -16 

Cash on hand 6,223 00 

$589,562 53 

The 1st mortgage bonds mature on the 1st July, 1859. The holders of about a 
$1,000,000 have agreed to extend them ten years, and probably the whole or 
nearly all will come into the arrangement as soon as the holder.-' can be found* 



BUSINESS OF THE ROAD FuK TH<£ PAST TWO YEARS. 

Fiscal year ending Nov. 30 1857. 1858. 

Receipts $507,424 $110,806 

Expenses 344,040 294,827 

Net earnings $163,384 $115,979 

Falling off in receipts in 1858, 19 per cent. 
Decrease in net earnings in 1858, 29 per cent. 

1857. 1858. 

Net income from gross receipts, per cent. 32,,20 28„28 

" on original cost of road, per 

cent 3„45 2„44 

on new cost (2d mortgages), 

percent 3„57 2„73 

Deficiency of income to pay expenses 
and interest on (provided the cou- 
pons on 2d mortgage were paid) 
bonds outstanding, per ct 5,,09 6,,63 

Net earnings on length of road, per mile. $1,385 $983 



Deo. $96,618 
49,213 

" |17,405 



Dec 


3„92 


" 


1„01 


M 


„84 


Inc. 


1„54 


Deo. 


$402 



OFFICE ELS. 

Hon. W. A. Wheeler, President. J. G. Hopkins, Secretary. 

S. C. F. Thorndike, Treasurer. 



W. A. Wheeler, 
J. W. Clark, 

Onslow Steak ns, 
J. Spalding, 



Directors. 

Hon. Sidney Lawrence, 
Hon. A. C Brown, 
Thos. H. Perkins. 
Geo. W. Nesmith, 



Geo. A. Kettle, 
Jno. J. Eldridoe, 
T. Hoyle. 



30 



350 capitalist's guide and railway annual. 



ILLINOIS RIVER RAILROAD. 

From Pekin to Jacksonville, 111 75 mil 

IN PROGRESS. 

To connect with the Peoria and Bureau Valley and Chicago and Rock Island 
Railroads, and the Jacksonville, Alton and St. Louis road, which is in process of 
construction. 

When finished, these lines will be of great value to the two former, being in 
fact an extension of the C. and Kock Island road from Chicago to St. Louis, and 
both will be completed at about the same time. 

The estimated cost of the road from Peoria and Hambal Junction to Jackson- 
ville is as follows : 

Graduation $543,000 

Iron, ties, chairs, spikes, &c 557,670 

Equipment 180,100 

Station buildings, engine houses, machine shops, tools, 

&c 95,000 

Total cost $1,375,770 

Average cost per mile, $18,300. 

Resources : 

Pekin City 8 per cent, bonds $100,000 

Tazewell County and Pekin private subscriptions 103,000 

Mason County 8 per cent, bonds 100,000 

Havana town bonds, 8 per cent 15,000 

Private subscriptions in Mason County 85,000 

Cass County 8 per cent, bonds 50,000 

Private subscriptions in Cass County 97,000 

Morgan County 6 per cent, bonds 50,000 

$600,000 

The private subscriptions in Morgan County are small in amount, 
no exertions having yet been made to obtain subscriptions, owing 
to the unprecedented panic in all business during the past year. It 
is believed that with the present flattering prospects of the early 
completion of this road, and its recognized importance to Morgan 
County, and Jacksonville particularly, a subscription can be raised 
in Morgan County, and city of Jacksonville, of . . 75,000 

Total $675,000 

Total cost of graduation, including ties 633,000 

Leaving a surplus, as above, of $42,000 

In the resources are included $315,000 of county and town bonds ; $246,000 of 
these bonds are to be paid to contractors at par, which leaves the company 
$69,000 of bonds to dispose of outside of payments to contractors. The private 
subscriptions, amounting to $285,000, exclusive of the estimated subscription in 
Morgan County, are divided between nearly 800 individual subscribers, generally 
farmers on the line of the road The rails and such other materials as are neces- 
sary to complete the road have been purchased for cash, the company having con- 
cluded a sale, upon terms entirely satisfactory to the board, of 1st Mortgage bonds; 
and the road will be finished to Jacksonville by autumn, so as to be ready for the 
movement of produce of this year's growth. Thus far, this company have issued 
no notes, have no obligations falling due other than the monthly estimates to con- 
tractors and incidental expenses ; and it is the design of the board to build the 
road and ballast, fence and equip it without being in debt a dollar for any pur- 



GALENA AND CHICAGO UNION RAILROAD. 351 

pose except the bonded debt of $1,020,000, which is, in 10 per cent bonds, reim- 
bursable on 1st Januarj 7 , 1S80. A depreciation fund of 10 per cent, of the reve- 
nues of the road is irrevocably to be set apart to meet the repairs and relaying 
the track, so as to guard against the contingency of a floating debt The sinking 
fund will absorb the residue of the net earnings, after paying the interest on the 
bonds and the depreciation fund ; and it is thought the whole issue of bonds will 
be extinguished in ten years. 

The Chicago and Rock Island Company have entered into a running arrange- 
ment for 20 years to furnish the cars and locomotives necessary for operating the 
road, and are to receive ten per cent, interest per annum on the value of the roll- 
ing stock employed upon it, payable semi-annually out of the gross earnings, of 
which they will always be the recipients for a sufficient amount. 



OFFICERS. 

Richard S. Thomas, President. Francis Low, Treasurer. 

B. S. Prettymax, Vice President. M. H. L. Schooley, Secretary. 

J. B. Cummings. Chief Engineer. 

Directors. 

Richard S. Thomas, Henry Faram, B. S. Prettyman. 

J. M. Rl'GGLES, 

Fiscal Agent. Importers' and Traders' Bank, New York. 

Financial Agent and Permanent Treasurer, Alexander Studwell, Esq. 



GALENA AND CHICAGO UNION RAILE0AD. 

Main line, from Chicago to Freeport 121 miles. 

Chicago, Fulton and Iowa line, from Turner to Fulton City 105 " 

Beloit Branch, from Belvidere to Beloit 21 " 

Elgin " to connect with Fox River Valley Railroad 2 " 

St. Charles Air line, from South Branch to Harlem 10| " 



Total length 259j miles. 

The connections are at : 
Chicago with the various lines of railway divei-ging from that city. 
Aurora Junction or Turner with the Chicago, Burlington and Quincy Railway. 

" ' ; Chicago, Fulton and Iowa " 

Elgin with the Fox River Valley Railway 

" " Wisconsin Central " 

Belvidere " Beloit Branch, and Beloit and Madison Railway. 
Beloit " Racine and Mississippi " 

Madison " Milwaukee and Mississippi " 

Freeport " Illinois Central " 

Warren " Mineral Point " 

Dunleith " Dubuque and Western " 

" " Dubuque and Pacific " 

Dubuque " Steamers for St Paul and St. Louis " 

Galena " " " Davenport and all points up and down the river. 

The eastern terminus of this road was commenced when Chicago had but about 
12,000 inhabitants, and was opened to Elgin (42 miles west of Chicago) in 1850. 
This being one of the most important railways in the Western States, it may not 



352 capitalist's guide and railway annual. 



be uninteresting to refer to the number of miles of track acquired annually from 
the commeueement to the completion of the road and branches, viz : 

1850. Main line, from Cbicago to Elgin 42 miles. 

1851. " " '• Belvidere 78 " 

1852. " " " Rockford 92 " 

1853. " " " Freeport 121 " 

" Beloit Br , " Belvidere to Beloit 21 " 

1854. Chicago and Fulton line, from Belvidere Junction to Dixon 68 " 

1855 " " " " " " Fulton... 1054 " 

" Second track, from Chicago to Harlem 104 " 

1856. St. Charles Air line, from Chicago to Harlem lOi " 

" Second track, „ " " Cottage Hill 17" " 

1857. " " " Turner 30 " 

The traffic of this road has suffered in common with all the trunk lines leading 

from the Lake to the Mississippi river ; but when the facts are properly under- 
stood, the reasons for the falling off in revenue will be apparent They are sim- 
ply these : the partial failure of three successive wheat crops ; the diminished 
value of the principal agricultural productions which are raised for market ; and, 
as a natural consequence, the stoppage of emigration upon new lands These, 
with the stagnation in every department of business at the West during the past 
eighteen months, were the main causes for the great decline in receipts : and 
although the stock is now much depressed, in consequence of these results, whioh 
could not be foreseen, yet the road and its equipments were never in better order 
for a large business, nor the finances of the company in a more promising condi- 
tion than at the present time — the floating debt having been all paid off since the 
curtailment of dividends. Since 1855, the company has paid in dividends 53 per 
cent., as follows : 22 per cent, in 1855-6 ; 20 per cent, in 1856-7 ; 5 per cent. 1st 
August, 1857 ; 4 per cent. 1st August, 1858 ; and 2 per cent. 1st February, 1859. 
It would appear as if the culminating point in the prosperity of this road had 
been reached in 1856 ; and. notwithstanding the results of the two subsequent 
years' business warrant this conclusion, there are those who confidently anticipate 
a restoration of business equal in amount to the most favored season of the past. 
It cannot be supposed that a combination of circumstances so disastrous to West- 



ern roads can continue in full force for another season, or that 



prices 



will rule as 



low for the staple articles of freight as they did during and since the monetary 
crisis of 1857. The rich soils of the West, with an industrious population, are 
elements of wealth, that must sooner or later become conspicuous in their influ- 
ences upon the revenue of all roads as favorably situated as this These are im- 
portant considerations for the holders of its stock, especially to those who were 
original proprietors, and have shared alike in the prosperity and adversity of the 
company . 

The completion of the Chicago, Iowa and Nebraska road to Cedar Kapids dur- 
ing the present year will add another tributary to the Fulton branch belonging to 
this company, which will make it necessary to unite upon some plan for the con- 
struction of a bridge at Fulton City to connect with Clinton, so that the control of 
the bridge may be retained by this company. 



Dr. 



BALANCK SHEET. 
Fiscal Year em ling Deremler 31, 
Office, Chicago, 111. 



Cr. 





$8,027,-173 
1,311,917 


10. Capital stock 

| 11. Bonded debt 


$6,026,400 
3,783,015 


2. Cost of equipment 

3. Real estate not in con- 




| 12 Floating debt 


23,466 


struction account 


27,047 


| 13. Sinking fund 


269,000 


4. Materials and fuel 


331,785 


Income account 


198,636 


5. Invested in other roads. 


211,003 






6. Due bv other roads 


99.402 






7. Debts due the company. 


29,191 


1 




Fulton bridge 


5,674 


1 




8. Sinking fund 


28,759 


j 






228,: 66 


1 

i 











$10,300,517 


$10,300,51 7 



GALENA AND CHICAGO UNION RAILROAD. 353 

1. Mainline $2,127,906 

Beloit Branch 410,523 

C. and Fulto.: Air line '2,296,546 

Second track 405,8H8 

Depot grounds and buildings 824,032 

Chicago and St. Charles Air line 549.581 

Expended at Harlem for improvements 62,019 

Proportion of cost of bridge for connections with 

eastern roads 20.003 

Discounts, interest and incidentals 644,488 

Bonus stock, issued August, 1854 686.510 

$8,027,473 

or $30,875 per mile ; including equipment. $35,922 per mile If reduced to a 

single track of 290 miles, the cost per mile will be $32,206. 

2. Consists of 60 Locomotives ; 63 Passenger, Baggage and Express cars; 1,111 

Freight, and 258 Service cars — all in excellent condition for immediate use. 

3. Acquired with charter $19,780 

Miscellaneous lands 2,926 

Lands in Lyons, Iowa 3,220 

Expended for improvements in town of Harlem 1,121 

$27,047 

4. Wood, coal and materials $281,483 

Tools and machinery 50,302 

— $331,785 

5. Fox River Valley Railroad bonds (received from 

Wardsworth & Sheldon) $88,000 

Beloit and Madison Railroad stock (received from 

Wardsworth & Sheldon) 2,000 

Beloit and Madison Railroad bonds, for 1,700 tons 

iron sold to said company 121,003 

$211,003 

6. Wisconsin Central Railroad Co., for old strap iron. . $16,741 
C, Iowa and Nebraska " " transportation 

and duties 47,959 

Sterling and Rock Island Railroad Co., for surveys. 979> 
Fox River Valley " " " money 

loaned 28,350 

Beloit and Madison Railroad Co., for ledger balance. 5,373 

$99,402 

7. Two February, I860, coupons paid in advance $70 

Accounts and ledger balances due from agents 19,677 

Balances due from stations 9 444 

«29 191 

8. Sinking fund installment May 1, 1859, cost of $24,000 

2d Mortgage bonds, purchased in advance $21,870 

Cost of $7,000 1st Mortgage bonds, purchased with 

cash received from sales of lands and lots 6,889 

$28,759 

9. Uncollected revenue $28,068 

Due from P. O. Department ~6,'887 

Cash in H. Tucker (treasurer's) hands 193,311 

*ooq ORR 

10. 60,264 shares, at $100 each. 

11. Litchfield bonds, 7's, due May 1, 1859 $52,015 

1st Mortgage " 3d division, 7's, due Feb. 1, 1862. . 262',000 

" " " " Aug. 1, « 160,000 

" Feb. 1, 1863. . 60,000 

" " " " Aug. 1, « . . 118,000 

" " " " 1,1863.. 1,393,000 

2d " M " May 1, 1863. . 1,738,000 

$3,783,015 

30* 



354 capitalist's guide and railway annual. 



12. Town of Turner (on account of lota sold). 

Convertible scrip outstanding 

Unconvertible scrip ' " 

Unclaimed dividends 

" coupons 

" back charges 

" wages 

Accounts 



13. 2d Mortgage bonds, retired and cancelled (to Janu- 
ary 1, 1858 

2d Mortgage bonds, retired and oancelled (to May 

1, 1858) 

2d Mortgage bonds, retired and cancelled (to Nov. 

I, 1858 

1st Mortgage bonds, purchased and cancelled 



$4,949 

5,440 

565 

3,409 

5,740 

8 

3,249 

116 



$153,000 

54,000 

55,000 
7,000 



Dr. 



Operat'g 

exp'nses 

*4 mos. $255,724; 
Operat'g 

exp'nses 

Smos.. 921,252 



INCOME ACCOUNT. 



$23,466 



$269,000 



Cr. 



1857. 



Total, 12 mos 
Interest 8 

mos. .. $130,325 
Interest 4 

mos... 69,716 



Dividends, cash 5 

per cent. 

" cash 5 

"&3t'kl0 

" cash 4 

Improvem't aco't. 

Sinking fund 

balance .... 



=3 



$1,176,976 



200,041 

801,115 
821,820 

210,227 

62,732 

193.738 



1858. 



$927,233 



268,486 



211,024 

8,169 

97,751 

198,636 



$2,966,649 $1,741,299 



Surplus Jan'y 1 

1857 

Interest received 
Gross earnings : 
4 mos. $1,640,807 
8 " 477,098 



Total, 12 mos. 



1857 

$847,882 
862 

2117,905 



1858. 
$193,738 

1,547,561 



$2,906,649 $1,741,299 



* The change in the fiscal year has made it necessary to bring in four months 
of (.lie- two previous years' business, in order to make correct comparisons of the 
results from operating the road in 1856, 1857 and 1858. 

BUSINESS OF I HE ROAD FOR THE PAST THREE YVAR<. 

Fiscal year ending December 31 1856. 1857. 1858. 

Receipts for 12 mos $2,450,011 $2,117,905 $1,547,561 

Expenses 1,237,928 1,191,671 927,233 



Net earnings $1,212,088 $926,234 

Decrease in receipts in 1858 over those of 1857 27„ 

" " 1857 " 1856 13„55 

1858 " " 36„83 

" net earn'gs " " 1857 33„ 

1857 " 1856 23„58 

«' " 1858 " " 48.,81 



$620,328 
per cent. 



GALENA AND CHICAGO UNION RAILROAD. 



355 



Net income from gross receipts, per cent. 

; ' on cost of road and equipment, per cent. 

4% for stockholders, per cent 

Not earnings on length of road operated, per mile. .. 



1856. 
49„47 

14„61 
16„73 

$4,671 



1857. 
43„75 

9„93 
11„35 
$3,572 



1858. 

40„15 

6,. 64 

5„84 

$2,390 



L856. 



TABLE OF MONTHLY EARNINGS. 
1857 



January .... $100,701 
February...: 89.574 
March/....! 127,491 

April 193.495 

May 222,087 

June i 215,122 



1858. 

$85,320 
74,181 
103,912 



$86,970 
67^58 
128.653 
194,218! 141,334 
227,603 157.954 
250,026! 210,728 



July 

August . . . 
September 
October . . 
November 
December. 



1856. 



$225,552 
255.420 
336,413 
354,642 
216,820 
113,189 



1857. j 1858. 

$223,017 $157,285 

172,465 122,351 

250,354 161,949 

255,539 141,653 

175,lfc8 ! 103,813 

86,636! 87,082 



COMPARATIVE STATEMENT OF AGRICULTURAL PRODUCTS TRANSPORTED 
EASTWARD. 

1856. 



Flour, bbls 120.411 

Wheat, bushels 4,713.409 

Corn, " 3,111,220 

Barley, " 37,442 

Oaia, " 778,066 

Rye, " 43,465 

Provisions, lbs 8,241,950 

Pork, " 4,541,850 

Hides, " 2,624,320 

Wool, " 665,230 

Cattle, car loads ) y* 848 

Hogs, " 5 

Whiskey, bbls 11,177 

Lead, lbs 3,958,520 



1857. 


1858. 


8 mos. 




167,651 


105,472 


3,318,615 


3,847,645 


307,141 


738,871 


49,621 


138,100 


174,500 


635,987 


17,196 


35,534 


1,828,040 


4 276,400 


97,420 


5,217,320 


1.229,880 


2J45,620 


318,720 


227.620 


228 


720£ 
227A 


4,234 


9,607 


2,824,880 


4,537,260 



OFFICERS. 

John B. Tuknkk, President. Philip A. Hall, Superintendent. 

William H. Brown, V r ice President. Win. M. Larkabke, Secretary. 

Wm. J. Mc Alpine, Asst. V.P't& Ch. Eng. Henry Tucker, Treasurer. 



John B. Turner, 
Walter L. Newberry, 
Charles Walker, 
Wm. H. Brown, 



Directors. 

Ben J. W. Raymond, 
Benj. F. Carver, 
Hugh T. Dickey, 
Wm. J. McAlpine, 



Orrington Lunt, 
Thos. D. Robertson, 
D. A. Knowlton, 
Chas. S. Hempstead. 



356 capitalist's guide and railway annual. 

TOLEDO, WABASH AND WESTERN EAILEOAD. 

From Toledo, O., to State line Illinois and Indiana 243 miles. 

Making close connections with the Great Western Railway of Illinois ; distance 
from Toledo to Naples, on the Illinois river, 418 miles. It also connects at 

Maumee City with the Dayton and Michigan Railway (in progress.) 



' Toledo and Detroit 

' Pittsburg, Fort Wayne and Chicago Railway. 

' Peru and Indianapolis t; 

' Cincinnati, Peru and Chicago 

' Cincinnati and Chicago " 

' Lafayette and Indianapolis " 

' New Albany and Salem " 

' Great Western " 



Napoleon 
Fort Wayne 
Peru 

Logansport 
Lafayette 

Danville 

The eastern portion of this road, lying in Ohio, was built by the Toledo and 
Illinois Railway Company, and that from the State line of Indiana to its connec- 
tion with the Great Western was known as the Lake Erie, Wabash and St. 
Louis Railroad. In August, 1856, the two lines were merged into one with 
the above name, under the railroad laws of Ohio and Indiana. 

No late report of the affairs of this road has been published, and the compiler 
regrets that he has been unable to procure the data by which he can present the 
condition of this company and its earnings to the close of 1858. 

The following is taken from an old circular, which will show the cost and mort- 
gage debt of the two roads shortly after the consolidation : 

Cost of road to the new company, including equipment, real estate, 
&c $10, 542,600 

equal to $43,382 per mile. 

Represented by : 

1st Mortgage 7 per cent, bonds Lake Erie, Wabash and 

(due in 1865) St. Louis R. R. Co. .. $2,500,000 

Toledo and Illinois R.R. 900,000 
2d Mortgage 7 per cent, bonds Lake Erie, Wabash and 

(due in 1869) St. Louis R. R. Co. . 1,200,000 

Toledo and Illinois R. R. 800,000 
3d Mortgage 7 per cent, bonds Lake Erie, Wabash and 

(due in 1891) St. Louis R. R. Co. . . 1,200,000 

Toledo and Illinois R.R. 600,000 
Real estate 7 per cent, bonds Lake Erie, Wabash and 

(due in 1861) St. Louis R. R. Co. . 300,000 

Toledo and Illinois R. R. 150,000 



Capital stock Lake Erie, Wabash and St. Louis R R. $1,988,000 
Toledo and Illinois Railroad 1,585,000 



$7,650,000 
$3,573,000 



$11,223,000 
The real estate bonds are secured by 26,498-77 acres of land, 125 town lots, and 
$200,000 of the capital stock of the consolidated companies. The equipment con- 
sisted of 33 Locomotives ; 20 Passenger and Mail coaches ; 353 Freight, 107 Coal 
and 38 Service cars. 

The company failed to pay the interest upon the coupons of the 1st Mortgage 
bonds, due 1st August, 1857, and immediately made a proposition to the holders 
of the 1st and 2d Mortgage bonds, applying the earnings of the road as follows : 



ALABAMA AND FLORIDA RAILROAD. 357 

Until November 1. 1857, 40 per cent, to the 2d mortgage coupons, and 60 per 
cent, to the floating debt. 

From November 1, 1857, to February 1, 1858, 25 per cent, to 2d mortgage cou- 
pons, and 75 per cent to the floating debt. 

For at least one year after February 1, 1857, 40 per cent, to the 1st mortgage 
coupons, 25 per cent, to the 2d mortgage coupons, and 35 per cent, to the floating 
debt. 



Azarf.au Boody, President 
Warren Colburn, Vice President 



OFFICE KS 






t, P. 
*re3ident. J. 


R. 

N. 


Osborn, Treasurer. 
Drtjmmomd, Sec'y. 


Director*. 






James Spears, 
.1 . N. Drttmtvtond, 
Hexry H Kent. 
Albert H Tpacy, 
Warren Cojlburn, 




Wivt. Barer, 
George Cecil, 
Albert 8. White, 
Wm. Kent. 



Azariah Booda , 

Joseph B. Vah.ni>!, 
Edward Whitehouse, 
Edwin C Li khfif.i.d, 
Robt. Breckenridok, 



ALABAMA AND FLORIDA RAILROAD. 

From Montgomery to Pensacola 160 miles. 

l.S PROGRESS. 

In operation, from Montgomery to Greenville 50 miles. 

Under contract, from Greenville to State line bo " 

Partially finished, from State line to Pensacola 45 " 

Total 160 miles. 

When finished, tlrs will be an excellent tributary to the Montgomery and West 
Point and the Alabama and Tennessee river roads, and cannot fail to be of signal 
advantage lo Pensacola, a town having one of the best natural harbors in the 
Gulf of Mexico. The progress of Pensacola has remained dormant until now, on 
account of the sparsely settled back country : and large tracts of lands lying in 
Escambia, Santa Rosa, Conecuh and Butler counties were vacant up to the pas- 
sage of the bills in 1856, granting lands to Alabama and other States in aid of 
railroads. 

The road will be the five Feet guage, to correspond with the roads of Alabama 
and Georgia. 

The resources of the company for graduation and masonry on the 30th April, 
1858, were as follows : 

Subscription bonds of city of Pensacola $250,000 

in cash '. 67,847 

2d Mortgage bonds of the company 154,000 

Bills Payable 70,620 

Sundries 770 

1543,237 

Represented by : 

Construction of road-bed, culverts, cross-ties, Sen $225,276 

On account of rails, chairs, spikes and wheels 63,660 

Salaries to engineer, &c 3,355 

$292,291 

Excels of means $250,946 



358 capitalist's guide and eailway annual. 

Consisting of : 

Cash 17,946 

Bonds of the city of Pensacola 122.000 

Company. 2d mortgage 121.000 

$250,946 

The estimate for the whole work was originally (July 

26, 1856) $944,000 

Modified since by a reduction in the cost of rails. itec. . SO .000 

$364,000 
To this add contingencies 20,000 

Present estimate $884,000 

From which deduct amount already expended 292.291 

Leaving to be expended $591,709 

To meet this, the company have assets as above $250,946 

1st Mortgage bonds of the company to be purchased by 
the Pensacola City Land Company, with proceeds of 
sale of their city property 300,000 

1st Mortgage bonds, to be appropriated for rails 100.000 

_ $650,946 

Excess of means $59,237 



OFFICERS. 
Charles T. Pollard, President. Sam*.. G. Jones, Engineer and Sup't. 



LAURENS RAILROAD. 

From Newberry to Laurensville, S. C 32 miles. 

Connecting at the former place with the Greenville and Columbia Railway. 

Cost of road. $543,403, equal to $17,000 per mile. C .pital stock paid in, 
$400,000, of which the State owns $50,000. Debt, $106,218. Available assets, 
$32,326. 

BUSINESS OF THE ROAD FOR THE PAST TWO YFARS. 

Fiscal year ending July 31 1857. 1858. 

Gross receipts $23,960 $27,568 Inc. $3,608 

Operating expenses 21,285 18,841 Dec. 2,444 

Net earnings $2,675 $8,727 Inc. $6,052 

Increase in gross receipts in 1858, 15 per cent. 
" net earnings in " 2,, 26 " 



ALLEGHANY VALLEY KAILEOAD. 



359 



1857. 

Net income from gross receipts, per cent 11, ,14 

on cost of road, &c , per cent ,,48 

Deficiency of income (on capital stock) 1„83 

Net income for stockholders, per cent 

Net earnings on length of road, per mile $83 



31„73 
1„61 



$241 



Inc. 



20„59 
1„13 

2, ,13 

$158 



OFFICERS. 
H. W. Garlington, President. J. W. Eppes, Secretary and Treasurer. 



J. W. Simpson, 
J. H. If.by, 
C. P. Sullivan. 
S. R. Todd. 



Directors. 

J. A. ElGHELBERGER, 

J. F. Kern, 
H. C. Young, 
J. D. Williams, 



J. G. Williams, 
J. Nesbit, 
John Smith, 
Wm. Mills, Jr. 



ALLEGHANY VALLEY RAILROAD. 

From Pittsburg to Kittanning, Pa 44 miles. 

Connecting with the Pennsylvania, Pittsburg, Fort Wayne and Chicago, Cleve- 
land and Pittsburg, and Pittsburg and Connellsville Railways at Pittsburg, and 
steamers for the Ohio and Monongahela rivers. It also intersects at Freeport 
the Northwestern Railroad of Pennsylvania, building from Blairsville to New 
Castle. 

This road was opened in January, 1856, to Kittanning, and would have been 
completed to Ridgeway, where it is intended to intersect the Sunbury and Erie 
road, had not the affairs of the company been embarrassed by the failure of the 
city of Pittsburg to provide for the interest upon its bonds given to tbis company 
in payment for its subscription to the stock. The company suspended the pay- 
ment of interest in the autumn of 1856. Since then, it has been unable to move 
in the prosecution of the work — such is the discredit of all roads receiving aid 
from the city of Pittsburg and Alleghany county, Pa. 

The compiler has been unable to get information from the company respecting 
its finances, or any data by which the real condition of the road or its receipts 
and expenses can be shown down to the termination of its last fiscal year. He 
therefore is obliged to furnish such facts from an old report as are of interest, in 
the construction of the road and the sources from which the means were derived. 

Capital Stock — Subscribed by Alleghany County $750,000 

City of Pittsburg 400,000 

" " Armstrong County 150,000 

Jefferson " 90,000 

Individuals 165,000 

Taken by Contractors 105,950 

$1,661,050 

Mortgage bonds sold $55,000 

Floating debt 273,567 

Total liabilities $1,988,617 

The amount expended upon the 44 miles of road in operation to January, 1857, 
is as follows : 



360 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

For the building of the road proper $1,143,839 

■■ Rolling stock 63.351 

On road and equipment $1,207,190 

or $27,436 per mile. 

For discount on bonds $397,478 

44 Interest and discount 223.709 

44 Commissions and charges 24,015 

44 Salaries 35,654 

" Miscellaneous 100,481 

$781,427 

or $17,760 per mile. 

Total cost $1,988,617 

or $45,196 per mile. 

It is somewhat remarkable that no published returns of the earnings or expen- 
ses of the road can be found outside of the office of the company. It is to be 
presumed, however, that the whole revenue from traffic is expended in operating 
it and doing the ordinary repairs of the roadway and rolling stock : and in the 
present condition of the company's finances, a comparison of its business for the 
past two years is unimportant to disinterested parties. 



OFFICERS. 

Wm. F. Johnston, President. James Gibson, Secretary and Treasurer. 

W. Reynolds, Superintendent. 

Directors, 

David Leach, F. R. Brunat, Joseph Buffingtojb. 

George Black. Geo. W. Jackson, D. C. Kammerrer, 



GREAT WESTERN (ILLINOIS) RAILROAD. 

From Danville to Naples, 111 175 miles. 

Connecting with the Toledo, Wabash and Western Railway, forming a continu- 
ous line from Lake Erie to the Illinois river. It also connects : 

At Tolono with the Ulinois Central (Chicago Br.) Railway. 
44 Decatur 44 " 4 ' (mainline) " 

44 Springfield with the St. Louis, Alton and Chicago Railway. 
44 Jacksonville " Illinois river (in progress) 44 

44 Naples * 4 Illinois river steamboats. 

This company has been much embarrassed in its finances for the last three 
years, and the road was sold in October, 1857, for $1,100 at Springfield, 111., sub- 
ject to existing claims and mortgages, amounting in the aggregate to $3,422,926. 

The compiler has been disappointed in every attempt to procure late and relia- 
ble information respecting the internal affairs of this road. No published state- 
ment of its affairs has appeared since the pamphlet of Mr. Watson, the superin- 
tendent ; and tbe reader must judge of the value of the securities of the company 
by the condition of its finances about the time the several meetings were held in 
the summer of 1857, for the purpose of adopting a plan that would preserve the 
franchise of the road. In 1857 they were as follows : 



GREAT WESTERN (ILLINOIS) RAILROAD. 361 

Liabilities— 1st Mortgage 10 per cent, bonds on W. Di- 
vision, from Naples to Decatur, 100 miles. $1,000,000 
1st Mortgage 7 per cent, bonds on E. Divi- 
sion, and 2d on W. do., from Decatur to 

State lin?, 84 miles 1,350,000 

Old bonds Sangamon and Morgan Railrcad, 

secured by original mortgage 41,000 

Total 1st Mortgage $2,391,000 

2d Mortgage bonds sold by the company . . $323,000 

Chattel Mortgage on equipment of road, 

pas t due 374,426 

$697,426 

Mortgage debt $3,088,426 

Floating Debt — Due on line of road in cash $25,000 

" Bills Payable and accounts, most 
of which is secured by 2d Mort- 
gage bonds 309,500 

$334,500 

$3,422,926 
Capitalstock 1,600,000 

Which represents about the cost of the road and equip- 
ment $5,022,926 

or $23,760 per mile. 

In September, 1857, an agreement among the several creditors in interest was 
entered into, after several meetings upon tho subject, and the following plan of 
relief was adopted : 

1. All claims for labor, land and cattle damages be paid in full. 

2. Holders of the 10 and 7 per cent, bonds to take to the extent of $389,000 
(being the delinquent interest now due) reorganized stock for tho same at par. 

3. Holders of 2d Mortgage bonds surrender the same for the reorganized stock 
at the rate of $50 in stock for $100, and the accrued interest in bonds. 

4 Holders of the floating debt to surrender the same, and receive in lieu of it 
stock to the amount of their debt and interest. 

5. Parties holding claims under the chattel mortgage surrender the same and 
accept stock for the full amount. 

6. Old shareholders reduce their stock 75 per cent., each holder receiving $25 
new stock for each $100 of old. 

This arrangement would leave the bonded debt, as stated above. . . . $2,391,000 
The capital stock (as reorganized) 1,634,426 

Making the cost of the road (about $23,000 per mile) .... $1,025,426 

and reducing the annual interest to be provided to $198,000. 

A new organization has been made under the above arrangement, and the new 
oompany is prepared to issue stock to the different parties in interest at the office 
of the company, 54 William street. It also pays the interest coupons (under the 
new organization), due April 1 and August 1, 1859. 

No account of traffic for 1858 received. 



OFFICERS. 
JonN M. Cat'.. in, Presidtnt. A. Mitchell, Superintendent. 

31 



362 capitalist's guide and railway annual. 



PHILADELPHIA AND TRENTON RAILROAD. 

From Philadelphia to Trenton 28 miles. 

Connecting with the Belvidere and Delaware Railway. 

" Trains for New York and intermediate points. 

" Bordentown Branch (C. & A.) Railway. 

The track between Kensington and Tacony is but little used, most of the travel, 
when the ice does not prevent, being by steamers to and from Philadelphia, dis- 
tance 8 miles 

This road was chartered by the Pennsylvania Legislature in 1832, with a pro- 
viso that the State might at any time after thirty years purchase the work at a 
fair valuation Capital not to exceed $1,000,000 Empowered to bridge the 
river at Trenton, and to purchase the turnpike between Trenton and New Bruns- 
wick Application was subsequently made to the New Jersey Legislature for 
the privilege to lay down rails, but it was refused. 

In 1835 the competition between this road and that of the Camden and Amboy, 
on the opposite side of the river, was very great, and the latter company con- 
ceived the idea of buying a sufficient amount of stock to give it the control of 
the former, which was done to the extent of $825,000, and payment made in the 
sterling bonds of the Camden and Amboy Company, since converted into dollar 
bonds at $4 80. By this arrangement this company was enabled to commence the 
payment of dividends, which hitherto it was unable to do, to be continued equal 
with those of the Camden and Amboy Company. 

The cost of the road, equipment, real estate, to Dec. 31, 1858, is $1,000,000 

or, $28,000 per mile. 

The capital stock was originally $1,000,000, of which the Camden and Amboy 
Railroad Company own $888,000. Besides the capital stock, the company has 
issued $500,000 6 per cent, bonds, bearing 6 per cent, interest, but for what 
purpose must be conjectured, as no reports are published or submitted, except to 
the Camden and Amboy Company. For the same reason the compiler is unable 
to give the comparative table of the traffic of the road for the past two years. 



LITTLE MIAMI RAILROAD. 

From Cincinnati to Springfield, Ohio 84 miles. 

Connecting at Springfield with the Sandusky, Dayton and Cincinnati Railway. 

" " " Springfield, Mount Vernon and Pittsburg 

Bailway. 
" X#nia " Columbus ard Xenia Railway. 

" " " Dayton, Xenia and Belpre Railway. 

" Morrow " Cincinnati, Wilmington and Zanesvil c Rail- 

way. 
" Loveland " Hillsboro' Railway. 

" " " Marietta and Cincinnati Railway. 

" Cincinnati " Ohio and Miss. " 

" " " Cincinnati and Indianapolis " 

"• " " Cincinnati and Chicago " 

" " " " Hamilton and Dayton Railway. 

" " " " Eaton and Richmond " 

" Covington " Kentucky Central " 



LITTLE MIAMI RAILROAD. 



363 



This road is operated in copartnership with the Columbus and Xenia Railway, 
the two forming the southern end of the Cleveland, Columbus £.nd Cincinnati 
line. Both roads are worked and managed under the direction of one superintendent 
and a committee of two from each Board of Directors. There is but one income ac- 
count for the two roads, the gross receipts from traffic of every kind being credited, 
and all current expenses, interest, repairs. &c, are chargeable to it. The sur- 
plus, if any, after the payment of dividends which shall always be equal, to be 
disposed of as the two boards shall direct The capital of the Little Miami Com- 
pany being double that of the Columbus and Xenia, it follows that its stockhold- 
ers receive two-thirds of the net profits. 

The finances of the company are in an excellent condition ; and after paying 
dividends — 10 per cent, in 1857, and 9 per cent, in 1858, and charging to profit 
and loss in two years $330,900 for worthless railway stocks, interests in steam- 
boats and depreciation in value of rolling stock — the surplus undivided is $294,648, 
equal to 8„91 per cent, upon the capital stock. The interest has always been 
promptly paid ; and the credit of the company is at the highest standard. 



Dr. 



BALANCK SHEET. 

Fiscal Year ending December 1, 1858. 

Office, Cincinnati, O. 



Cr. 





$2,809,435 
495,075 j 

&41,744 

! 
290,743 , 
26.937 
445.203 


Capital stock 

City of Cincinnati 


$2,981,293 

100,000 

1,299,000 

34,196 

294,648 


Equipment 




5. Floating debt 


L M. and C & X. R. 
R. Co 


Profit and loss 


2. Debts due the company. 

3. Invested in other loads. . 






$4,709,137 


$4,709.1:37 



1. Cost of road proper, $33,446 per mile ; including equipment, $39,340 per mile 

including equipment and real estate, about $47,000 per mile. 

2. Bills receivable $959 

Accounts 29,578 



Hillsboro' and Cincinnati Railroad stock 

Springfield, Mount Vernon and Pittsburg Railroad 

stock 

Sundry other stocks 

Columbus and Xenia Kailroad stock 



Bonds of 1851. 
1853 



$9,263 

4,000 

6,290 

425,650 

$7,000 
1,292,000 



5. Dividends unclaimed. 
Dr. 



INCOM ACCOUNT. 



$26,957 



$445,203 

$1,299,000 
Cr. 



Depreciation of 

rolling stock.. 


1S57. 


1858 


Surplus Dec'r, 
1856 


1857 


1858. 


$32,630 

674 

5 149,0(i4 

I 149,064 

196,150 

1,445 
320.329 


$100,000 

149,064 
119,252 

294,648 


$479,235 

290,121 
80,000 


$320,329 
1,044 

341,591 


Sundry expenses 
Dividends 

Springfield, Mt 
Vernon and 
Pittsburg s 'k 

Hillsboro' and 
Cinn. stock.. . 

Balance 


Interest on old 
debt 


Proport'n of net 
earnings of 
joint coinp'y. 
{ Transfer from 
renewal and 
depreciat'n f d 




$849,356 


$662,964 


$349,356 


$662,964 



364 capitalist's guide and railway annual. 



OFFICERS. 

Nathaniel Wright, President. S. E. Weight, Auditor. 

Chas. H. Kilgour, Secretary. John Durand, Superintendent. 



Jacob Strader, 
R. R. Springer, 
Jno. H. Groesbeck, 
Nathaniel Wright, 



D. G. A. Davenport, Treasurer. 

Directors. 

James Hicks, Jr., 
Larz Anderson, 
Alphonzo Taft, 
Chas. H. Kilgour. 



Henry Hanna, 
John Bacon, 
Abraham Hirling, 
W. B. Hubbard. 



COLUMBUS AND XENIA KAILEOAD. 



From Xenia to Columbus, 0. 



54 miles. 



Connecting at Xenia with the Little Miami Railway. 

" " " Dayton, Xenia and Belpre Railway. 

" London " Springfield and Columbus " 

" Columbus with the Central Ohio " 

" M " Cleveland, Columbus and Cincinnati Railway. 

" " " Columbus and Piqua Railway. 

The road from Xenia to Dayton has been leased to this company, and is now 
operated by the joint line. As will be seen, on page 363, this road is operated 
in copartnership with that of the Little Miami Company, forming what is known 
as the Little Miami, Columbus and Xenia line. 

Its financial affairs are in much the same condition as those of the Little Miami 
Company — the road, by its connection with the latter, paying the same dividends, 
which were 10 per cent, in 1857, and 9 per cent, in 1858. The interest on its debt 
is promptly paid, and the company enjoys an excellent credit both at home and 
abroad. 



Dr. 



BALANCK SHEET. 

Fiscal Year ending December 1, 1858. 

Office, Columbus, O. 



Cost of road 

Cost of equipment 

Real estate not in con- 
struction account 

Debts due to the com- 
pany 

Invested in other roads. 

L. M. and Columbus & 
Xenia Co 

L. M. and Columbus & 
Xenia Co 

Invested in securities of 
this road 

Telegraph stock 

Cash in treasury 



$1,353,149 

217/38 

21,101 

42,092 

81,684 

145,371 

21,658 

29,050 

2,000 

19,896 



$1,965,539 



Capital stock. . 

6. Bonded debt. . . 

7. Floating debt. . 
Profit and loss. 



Cb, 



$1,490,800 

290,700 

68,330 

115,709 



$1,965,539 



1. Cost of road proper, $25,095 per mile ; including equipment and real estate, 
$30,069 per mile. 



COLUMBUS AND XENIA RAILROAD. 



365 



2. Bills receivable $20,525 

Accounts 21,567 

$42,092 

3. Central Ohio Railroad stock $60,000 

Interest on same 19,864 

Dayton, Xenia and Belpre Railroad stock 1,000 

Springfield and Dayton '• ? 1,000 

$81,684 

4. This account represents the other joint property, besides rolling stock, of the 

two companies. 

5. Stock held in trust $17,050 

Bonds " " 12,000 

$29,050 

6. Mortgage bonds, due May 1, 1859 $18,000 

Dividend " "Dec. 1,1860 68,500 

" June 1, 1866 68,400 

" Dec. 1, 1861 69,600 

" " 1,1862 66,200 

$290,700 

7. Bills Payable $50,500 

Unclaimed dividends 2,274 

" interest 15,049 

Accounts 507 



Dr. 




INCOME ACCOUNT. 




Cr. 




1857. 


1858. 




1857. 


1858. 


Depreciation in 




















rolling stock. . . 




$50,000 


Surplus Dec'r 1, 
1856 






Springfield & Co- 






$179,640 


$127,860 


lumbus Railr'd 






Proportion of net 






stock 


$49,000 




revenue from 






Dayton, X & B. 






joint lines 


135,012 


170,796 


Railroad stock. 


50,000 




Dividend on stock 






Steamboat stock. 


15,370 




held by L. M. 






Bad debts 


743 




R R. Co 


8,018 




Expenses last year 


5,986 




Other receipts 


829, 1,225 


Dividends 


74,540 


5 74,540 
I 59,632 








Balance 


127,860 


115,709 








$323,499 


$299,881 


$323,499 $299,881 






OFFICERS. 


Robert Neil, 


President. 


John Durand, Superintendent. 


( 


3yrus Fa 


r, Secretary and Treasurer. 
Directors. 


Wm. Denison, Jr., 




L. Goodale, Larz Anderson, 


Robert Neil, 




Wm B. Hubbard, Chas. H. Kilgour, 


Alfred Kelly, 




Jos. R Swan, Abraham Hirling, 


D. W. Deshler, 




R. R Spf 


INGER, £ 


5IMON CtEI 


SHART. 



366 capitalist's guide and railway annual. 



JOINT ANNUAL REPORT OF THE TREASURER OF THE LITTLE MIAMI AND COLUM- 
BUS AND XENIA RAILROAD COMPANY. 
Dr. Fiscal Year ending December 1, 1858. Cr. 



Cost of equipment, both 

roads 

Materials and fuel 

Invested in C. & X. ft. R. 

Invested in C. & x! R. R 
bonds 

Due by other roads 

" note and accounts . 
" Post Office Depart- 
ment 

Due by agents 

Cash Tr. L. M. Railroad 
Company 

Cash Tr. C. & X. Railroad 
Company 

Cash in paymaster's hands. 



$742,613! 
156,037 | 

1 
38,400 1 

96,000 
47,091 
39,657 

10,675 
29,479 

107,389 

19,118 
186 

$1,286,645 



Little Miami R. 
Stock acc't. 
Equipment. 



R. Co. : 
$290,743 
495,075 



& X. R. R. Co. : 
Stock acc't. $145,371 
Equipment.. 247,538 



C. & X. R. R. Co. current 

account 

Bills payable 

Due agents " 

" Transportation comp's. 

" Individuals 



$785,818 



392,909 

40,776 
13,601 

1,709 
42,831 

9,001 



$1,286,645 



Dr. 



INC ME ACCOUNT OF THE JOINT ROALS. 



Cr. 





1857. 


1858. 


Passengers 


1857. 


1858. 


Repairs of road, 






$530,901 


$532,673 


machinery, &c. 


$307,231 


$251,623 


Freight 


588,122 


614,658 


Supplies, &c 


116,469 


99,152 


Mails and express. 


44,139 


53,168 


Transportat'n ex- 






Dividends C. & X 








212,064 


218,642 




48,103 


43,291 


Taxes 


17,854 


10,159 






Loss and damage . 


10,797 


9,818 








Interest 


92,511 


105,839 








Business of 1856. . 


19,159 










" of former y'rs 




36,170 








Surplus : 












Little M. R. R. 












Co. $ds 


290,120 


341,591 








C. & X. R. R, 












Co. id 


145,060 


170,796 


i 








$1,211,265 


$1,243,790 


$1,211,265 


$1,243,790 



BUSINESS OF THE JOINT ROADS FOR 1HE PAST TWO YEARS. 

Fiscal year ending December 1 1857. 1858. 

Gross receipts $1,163,162 $1,200,499 Inc. $37,337 

Expenses 664,415 589,394 Dec. 75,021 



Net earnings $498,747 

Increase in gross receipts in 1858, 3,,21 per cent. 
" net earnings " 22,,47 " 



$611,105 Inc. $112,358 



Net income from gross receipts, per cent 

" on cost of the two roads, per cent 

" for stockholders, " 



50„92 
10„71 
11„47 

Net earnings on length of the two roads, per mile. $3,614 $4,429 



1857. 

42„77 
8„99 
9„74 



Inc. 



8„15 
1„72 
1„73 
$816 



SANDUSKY, MANSFIELD AND NEWAEK RAILROAD. 367 



SANDUSKY, MANSFIELD AND NEWARK RAILROAD. 

From Sandusky to Newark, Ohio 116 miles. 

Connecting at Sandusky with the Cleveland and Toledo Railroad. 

" " " Sandusky, Dayton and Cincinnati Railroad. 

" Huron June " Huron Branch " 

" Monroeville " S. div. Cleveland and Toledo " 

" Shelby " Cleveland, Columbus and Cincinnati " 

" Mansfield " Pittsburg, Fort Wayne and Chicago " 

" Mt. Vernon " Springfield, Mt. Vernon and Pittsb'g " 

" Newark " Central Ohio S1 

" " " Steuben ville and Indiana " 

This road would have been a valuable feeder to the Scioto and Hocking Valley 
road, had the latter been extended to Newark, as was originally contemplated. 
The two roads furnish almost a straight line, through the centre of the State, 
from Lake Erie to the Ohio river. There is, however, but little hope at present 
of the connection being made by the latter road, as it has no means or credit to 
extend its track towards Newark ; and this company is too much embarrassed to 
afford it any assistance whatever. In 1856, the affairs of the Sandusky, Mans- 
field and Newark Company, after being in the hands of a receiver, were reorgan- 
ized ; and notwithstanding this, they were unable to provide for the interest on the 
mortgage debt in 1857, and have been compelled to ask the holders to fund one 
year's interest for five years. This has been done to the extent of $1,125,000, 
mainly through the exertions of E. T. H Gibson, Esq., of New York. Only a 
portion of the installment of the domestic bonds, maturing 25th July, 1858, were 
paid when due. The residue will be paid from the earnings of 1859. The heavy 
expenses of 185S over those of 1857 were for extraordinary repairs of the road 
and equipments. These must be kept from depreciation, or the means for revenue 
is stopped. 

No dividends have been paid to stockholders. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending December 31, 1858. 
Office, Sandusky, Ohio. 



Cr. 



1. Cost of road and equip- 

ment 

Materials and fuel 

2. Debts due to the com- 

pany 

3. Cash means , . . . . 

4. Profit and loss 



$2,141,811 I 
16,742 

10,349 ! 

5,703 
188,851 



$2,363,456 



Capital stock $780,233 

" due receiver . . 48.350 

5. Bonded debt j 1,402,572 

6. Floating debt > 132,301 



$2,363,456 



1. Cost, as per report in 1&57 ._. $2,120,692 



Added to construction in 1858 

or $18,551 per mile. 

Equipment consists of 13 Locomotives 
Freight, and 13 Stock cars. 

Geo. B. Wright, 
Due for freight. . 



21,119 
$2,141,811 

20 Passenger and baggage, 193 



receiver of old company. 



$6,053 
4,296 



$10,349 



368 capitalist's guide and railway annual. 

3. Cash on hand $2,603 

Due from P. 0. Department 3,100 

$5,703 

4. Special profit and loss account, old company $138,572 

Coupons 1st Mortgage bonds 101,916 

" funded 103,931 

" interest" " 8,928 

$353,347 
Less amount at credit said account 164,496 

$188,851 

5. 1st Mortgage bonds $1,290,000 

Domestic " old series 92,572 

" new " 20,000 

$1,402,572 

6. Bills Payable, for coupons funded $103,931 

Due receiver 10,059 

Bills Payable 1,895 

Due other roads r.. 1,517 

Pay rolls 9,787 

Wood account 4,980 

Individual" 132 

$132,301 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1857. 


1858. 


Surplus Jan. 1. . . 


1857. 


1858. 


Operating expen- 






$56,177 


$126,356 


ses and taxes. . . 


$127,663 




Gross earnings. . . 


215,114 


209,928 


Operat'g expens's 






P. O. Department. 


3,100 




belonging to 1856 


13,619 


$168,708 


insurance on ware- 






Interest 


6,362 


1,029 


house burnt 


5,000 




Bridges rebuilt. . . 


3,090 










Attorney's fees. . . 


2,301 


1,051 








Trustees' services. 




1,000 










126,356 


161,496 














$279,391 


$336,284 


$279,391 


$336,284 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 



Fiscal year ending Dec. 31 1857. 1858. 

Gross receipts $218,214 $209,928 

Operating expenses and taxes 127,663 158,708 

Net earnings $90,551 

Falling off in gross receipts in 1858, 3„76 per cent. 
Decrease in net earnings " 43„70 " 

1857. 

Net income from gross receipts, per cent 41, ,15 

" on cost of road, per cent 4„27 

Deficiency of income to meet expenses and in- 
terest (provided it had been paid) upon capi- 
tal stock, per cent „88 

Net earnings on length of road, per mile $799 



Dec. 
Inc. 



$8,286 
31,045 



$51,220 Dec. $39,331 



1858. 

24„39 

2„44 


Dec. 


16„76 
1„83 


5„93 


Inc. 


5„05 


$440 


Dec. 


$359 



PITTSBURG AND CONNELLSVILLE RAILROAD. 369 

TABLE OF MONTHLY EARNINGS. 



1856. 



1857. | 1858. 



1856. , 1857. 



January.... $14,137 $13,041 i $10,526, 

February... 1 14.058 12,877 9,012; 

March 22,624 15,623 13,635 ! 

April 2.5,776 19,236 16,7021 

May : 26,352! 17.390 18,145 : 

June 25,880; 20.674 17,136 ; 



July $24,290 

August 27,912 

September.. 31,422 

October 36,8411 

November... 26,810! 

December... 17,848i 



$20,073 
22,006 
24,169 
21,035 
17,049 
11,943 



1858. 



$18,166 
22,461 
32,304 
20,533 
17,435 
13,873 



OFFICERS. 

Wm. Durbin, President and Sup't. Wm. P. Chapman, Treasurer. 

John W. Spragtje, Secretary. 



Jerome Buckingham. 
James Lyon, 
H. P. Warden, 



Directors. 

J. E. Woodbridge, 
Robt. McComb, 
S. M Robinson, 



John W. Sprague, 
Wm. P. Chapman, 
Wm. Durbtn. 



PITTSBUflG AND CONNELLSVILLE RAILKOAD. 



From Brinton's Depot, on Pennsylvania Railroad, to Connellsville, Pa. 48 miles. 

Connecting with the Pennsylvania Railway at Brinton's and Pittsburg; also, 
at the latter place, with the Pittsburg, Fort Wayne and Chicago, and Cleveland 
and Pittsburg Railroads, and steamers for the Ohio and Monongahela rivers. 

No report for 1858 received. 

The fifth annual report gives the cost of the road to Connellsville, 

including equipment and real estate $2,285,606 

or $59,500 per mile. 

Derived from the following sources : 

City of Pittsburg, in bonds, par $500,000 

Allegany Co., " " 750,000 

Connellsville, borough bonds, par . 100,000 

McKeesport, " " " 100,000 

City of Baltimore, stock and bonds exchanged for com- 
pany's bonds at par 1,000,000 

City of Cumberland, in bonds, par 200,000 

Individual subscriptions 457,850 

Real estate bonds for Pittsburg station property 100,000 

$3,207,850 

Excess of assets $922,244 

The company are now engaged in building the extension of their road into 
Pittsburg, which will cut off in distance 2k miles, besides the necessity of entering 
the city upon a rival line. It is estimated to cost $400,000. There was little 
done on the Cumberland division the past year — the assets of the company being 
much depreciated by the damage done to the securities of the city of Pittsburg 
and county of Allegany in the attempts of tax payers at repudiation. 



370 capitalist's guide and kailway annual. 

Receipts for the year 1857, from all sources $45,587 

Expenses 41,268 

Net earnings $4,318 

The annual interest incumbent upon the company to provide for is about 
$160,000. It will be seen, therefore, that upon the current year's business, had 
the interest been promptly paid, the deficiency of income would have been over 
$155,000, or nearly 34 per cent, upon the individual subscriptions to the road. 
The business of 1858 will, doubtless, show a more favorable state of things, still 
the financial prospects of the road are indeed gloomy, with but little hope of im- 
provement in revenue until a junction is formed with the Baltimore and Ohio 
road at Cumberland. 



OFFICERS. 

Benj. H. Latrobe, President. Alex. L. Russell, Secretary & Treasurer. 
H. Blackstone, Superintendent. 



Benj. H. Latrobe, 
Benj. Deford, 
Wm. F. Murdock, 
C. H. Paulson, 



Directors. 

Joseph Pennock, 
Saml. A. Long, 
Alex. Millur, 
D R. Davidson, 



C. P. Markle. 
Thos. Bake well, 
W. J. Anderson, 
Wm. Phillips. 



S0UTHEEN MISSISSIPPI KAILE0AD. 



From Vicksburg to Meridian (on Mobile and Ohio Railroad) 143 miles. 

In operation, from Vicksburg to Taylor's 83 miles. 

In progress, " Taylor's to Meridian 60 " 

Total length 143 miles. 

Connecting at Vicksburg with steamboats on the Mississippi river. 

" " " Vicksburg, Shreveport and Texas Railway. 

" Balton " Raymond Branch " 

" Jackson " NO, Jackson and Gt. Northern " 

" Meridian " Mobile and Ohio " 

" " " Alabama and Mississippi rivers " (pro- 

gressing.) 

" State line " Northeast and Southwest Alabama " " 

This road is to conne t Alabama with the railway systems of Mississippi and 
Louisiana. The completion of a straight line from the Mississippi to the Alabama 
river will open a trade through a belt of country that cannot be equalled for fer- 
tility of soil in the culture of cotton. It will also bear a prominent position in 
the new air line to connect with the Tennessee and Virginia roads, inaugurated 
by the Northeast and Southwest Alabama railway, by which a saving of 100 miles 
in distance can be made from New Orleans to Washington City over any other 
route. 

This road has a gr. nt of land of 270,000 acres, which the company will retain 
until it proves a source of revenue. 

Cost of road to January, 1859, about $2,750,000 — or, for an average of 100 
miles, $27,500 per mile. 



PENSACOLA AND GEORGIA RAILROAD. 371 

Derived from capital stock paid in, $1,000,000 ; bonded debt, $1,400,000— the 
interest upon which has been punctually paid, the amount being derived from 
sources independent of the income of the road. 

The means applicable to complete the road will be, from the net income from 
traffic, estimated at $200,000 ; the proceeds of 1st Mortgage bonds, $500,000 ; and 
available assets on hand, $250,000 — amounting in all to $950,000 

This amount will carry the road to its junction with the Mobile and Ohio, 60 
miles 

The 1st Mortgage bonds are a lien on the whole road and the 270,000 acres of 
land. 

The earnings for 1857 were $264,254 

Operating expenses for 1857 were ] 13,465 

Net earnings $150,789 

which were expended on the road. 

No report of earnings for the fiscal year ending December 31, 1858, has been 
received. 



OFFICERS. 

Wm. C. Smedes, President. N. G. Bryson, Secretary. 

M. Emanuel, Vice President. Brown Ofe Johnston, Treasurers. 

Charles Williams, Superintendent. 

Directors. 

W. C. Smedes, Wm. Crutcher, Morris Emanuel, 

Jas. R. McDowell, A. B. Reading, Thos. Rigby, 

Joseph H. Johnston, Shepherd Brown, Chavles E. Smedes. 



PENSACOLA AND GEORGIA RAILROAD. 

From Pensacola to Alligator 305 miles 

Chartered in 1353. Commencing at Pensacola, it runs due east, crossing the 
Apalachicola river about 25 miles below its confluence with the Chattahoochie 
and Flint rivers, taking in its course Tallahassee, Monticello, Madison and Alli- 
gator. It will probably form a junction with the Florida road now in progress. 
Work has been commenced at Tallahassee, with a view of building the eastern 
portion of the road first, so as to unite the most considerable towns along its line 
with Tallahassee. There is already a road in operation from the State capital to 
St. Marks, 21 miles. 

No report for the fiscal year of 1S5S has been received. 

The work done in 1857 comprised 40 miles of graduation, with 14 miles in full 
operation, and materials and equipments, including iron rails, on hand for 25 
miles additional. 

From the report of the treasurer, it appears the total receipts in 

cash, county bonds, and from loans, were $344,417 

Total expenditures 250,092 

Balance in treasury $94,325 

Consisting of county bonds, which are hypothecated to secure the payment of 
money borrowed. 



372 capitalist's guide and railway annual. 

The road to the end of section 25, with the exception of laying the track for 7 
miles, will be done by the 1st of January. 

The total liabilities, exclusive of the stock debt, will be $359,391 07 

Iron and equipment account 161,387 14 

$198,003 93 

To be paid in county bonds $29,318 00 

" cash 168,685 93 

$198,003 93 
Total county subscription unexpended and uncalled 

for $268,600 00 

Total private subscription unexpended and uncalled 

for 93,492 36 

Mules, &c, to be sold 2,500 00 

$363,592 36 

Leaving on hand $165,588 43 

an amount believed to be sufficient for the grading, grubbing and clearing, 
trestle work and drains, and furnishing cross-ties on the entire road to Alligator, 
provided the whole private subscription is paid, and the county subscriptions are 
made good to the company as cash, without encroaching on the other resources of 
the company. 

The present resources for continuing and completing the equipment of the road 
to Alligator, are : 

1st. Balance as above, after completing road to section 26 $165,588 43 

2d. Stock to be paid to contractors for grading 28,000 00 

3d. 1,002 shares of stock in Tallahassee Railroad Co 100,200 00 

4th. 330,000 acres of land at $2 50 an acre 950,000 00 

5th. Internal improvement bonds (iron account)* 603,700 00 

6th. " " {; (equipment account) 175,000 00 

7th. " " " for Suwanee bridge 50,000 00 

$2,072,488 43 
To which may be added the unsold capital stock of the company. 

The estimated cost of this section of the road, with equipments, 

depots, &c ,is $943,893 52 

Grading, grubbing and clearing, trestling and cross-ties 191,393 00 

Right of way, track-laying, depots and turn-outs, engineering and 

contingencies .' 139,500 00 

7,000 tons of iron at $60 420 000 00 

Frogs, chairs and spikes 42,000 00 

Equipments 120,000 00 

Suwanee bridge 30,000 00 

#912,893 52 
Resources $2,072,488 43 

Excess of resources $1,122,594 91 

The above is a full cash estimate. 

* The Florida Internal Improvement bonds consist of a public fund set apart 
to aid in building railroads in that State, with a first mortg <ge lien of $10,000 
per mile on the road and all its property. These bonds have 35 years to run, with 
7 per cent, semi-annual interest, to pay which is required — 1st, one-half the net 
earnings every six months ; 2d, all the lands granted by Congress to the State. 
They constitute by law a first lien on the whole road. 

The above estimates only embrace the eastern division of the line from Talla- 
hassee to Alligator, 105 miles. The western division, from Tallahassee to Pensa- 
ecla Bay, 200 miles, will be the recipient of more than 1,000,000 acres of land. 



IOWA CENTRAL (AIR LINE) RAILROAD. 37-3 

IOWA CENTKAL (A IK LINE) KAILKGAD. 

From Babula to , on the Missouri river 350 miles. 

This road has a grant of land of about 900,000 acres, being one of the four 
recipients from the State of Iowa, of the donation by Congress, in 1856 

It was commenced from Sabula (opposite Savannah), with a branch to 
Lyons; and runs in a westerly direction through Maquoqueta, Anamosa, to Ma- 
rion, distance 86 miles. This portion of the road was put under contract early 
in 1857. The contractors were Reed & Courtwright, Morris & Bishop, and R. 
B. Mason. 

The capital stock was to consist of $15,500,000, of which sum $1,300,000 was 
to be paid-up stock; the other $14,200,000 was to be represented by 'options' 
or 'rights,' to mature into full paid stock as fast as the proceeds of the sales of 
lands belonging to the company shall take up the bonds. A portion of those 
rights to go with the bonds, a portion to go to the contractors, and a portion with 
the full paid stock. The plan of the company in this respect is very similar to 
that adopted by the Dubuque and Pacific road. Three trustees were appointed to 
sell the bonds and the lands for the redemption of the bonds, viz : Messrs. Thos. 
E. Walker and C. B. Raymond, of New lork city, and N. W. Isbell, vice pres- 
ident of the road. 

Nothing has been done on the road since the panic of 1857. Prior to that 
time a coasiderable sum had been expended for grading and other work. It has 
been evident for some time past that the road could not be built with the usual 
means at command, notwithstanding the company possessed the largest number 
of acres of any of the four roads receiving the Congressional donation ; and the 
opportunity was too good for the president and some of the directors, and 
members of the Iowa Legislature, to allow the project to fall through with- 
out an effort to secure some of the advantages possessed in the land grant. 
It appears from investigation into the affairs of the compauy, that $1,000,000 
in the bonds and full paid stock, with optional rights attached, have been 
issued and appropriated to sundry persons for services on account of organizing 
and constructing the road. The stockholders have, however, commenced pro- 
ceedings for the surrender of the $245,000 stock, and the cancellation of the 
$755,000 bonds. 

The board, it seems, has been forming a plan for consolidation with the Chicago, 
Iowa and Nebraska road, viz : the indebtedness of the Iowa Central to be capi- 
talized into stock at $1,400,000 ; the Chicago, Iowa and Nebraska Railway com- 
pleted to Cedar river by the present company, and then the two roads were to 
be consolidated for the purpose of continuing on to the Missouri river ; but in the 
meantime, as an offset to the $1,400,000 of Iowa Central stock, the Chicago, 
Iowa and Nebraska Company was to have an equal amount ($1,400,000) with 
land scrip attached, making the stock of the consolidated company $2,800,000 
with only 82 miles of the road comj>kted .' ! 

In explanation, the president, who has since tendered his resignation, says : 
" At the time of the organization of this company, it was deemed advisable to 
make an effort to obtain a grant of land to aid in building it. Myself, in con- 
junction with others, was appointed to go to Washington and labor to procure 
such grant. We went and labored to that end. Bat it soon became evident 
that we had no show for even getting our road incorporated into a bill to be 
introduced into the Senate or House of Representatives. The Iowa senators and 
representatives acted as a unit in not allowing any road to be provided for in a 
bill to be urged for land grant favors, save and except a road from Burlington, 
one from Davenport, one from Dubuque, and one from McGregor's Landing. 
*#♦♦**♦ 
" The Iowa Central Air Line Railroad Company did not believe it possible to 
sueceed, but inasmuch as I furnished my own money for expenses, and as the 
whole life of the enterprise depended upon getting a land grant, they clothed me 
with wnlimited powers from time to time to use my own discretion as to the 

32 



374 capitalist's guide and railway annual. 

extent of pledges I should make, out of what we might receive, to carry the 
measure through. The argument being that part of ' a loaf was much better to 
our company than no bread.' These pledges were freely made, as without them 
we had no show whatever. I commenced attending upon the Congress immedi- 
ately after the organization of the company in 1853, and followed up every session 
faithfully, without being absent scarcely a day, till the grant was finally obtained 
in the spring of 1856. The company from time to time repeated the authority to 
me to use my discretion in the premises, but to get the grant at all hazards, 
if in my power " 

The books and papers are now deposited in a place of safety by the secretary, 
out of the control of the late officers ; and in the confused state of affairs, no 
information relative to the financial condition, or the progress made towards con- 
struction, can be ascertained from the company. 



SPRINGFIELD, MT. VERNON AND PITTSBURG RAILROAD. 

From Springfield to Lakeville (Pittsburg, Ft. W. & C. R. R.) 114 miles. 

Finished, from Springfield to Delaware 49 " 

Projected " Delaware "Lakeville 65 " 

Total 114 miles. 

Connecting at Springfield with the Little Miami Railroad. 

" " " Sandusky, Dayton and Cincinnati Railroad. 

" " Springfield and Columbus 

Milford Centre " Columbus, Piqua and Indiana 
" Delaware " Cleveland, Columbus and Cincinnati " 

No report for 1858 published. 

This road, when completed to Lakeville, its point of intersection with the 
Pittsburgh, Fort Wayne and Chicago Railway, will open a route from Cincin- 
nati to Pittsburgh, 46 miles shorter than by the Cincinnati, Hamilton and Day- 
ton line through Columbus and Steubenville. Efforts have been made to com- 
plete the north-eastern end of the line, but without success. Just before the 
financial troubles of 1857, this company entered into an arrangement with the 
Cincinnati, Hamilton and Dayton, and the Pittsburg, Fort Wayne and Chicago 
Companies to receive $300,000 of their bonds, to enable it to extend the road 
to Lakeville, setting aside 50 per cent, of the earnings for their redemption. 
The latter company had already aided the road to the amount of $77,500 ; but 
the arrangement doubtless fell through, as the assets of neither company exhibit 
any such aid as contemplated by the arrangement referred to. Without any 
recent data concerning the affairs of this road, the inference must be that its 
finances are not in a very hopeful condition. 

The amount already expended on the whole line is $2,194,000 

equal to about $19,000 per mile. 

How much of this amount was upon the finished portion of the road cannot 
be stated with any precision. 

The 1st mortgage bonds outstanding upon the 49 miles in operation 

amount to $500,000 

The 2d mortgage (1st on the extension) amount to 450,000 

Total mortgage debt $950,000 



ALEXANDRIA, LOUDOUN AND HAMPSHIRE R. R. 375 

There have been issued to contractors income bonds, in sums of $100, with 
individual endorsements, but to what extent is not known. The low price of the 
securities of the company would indicate a continued default of interest. The 
unsuccessful efforts of the projectors of this road to complete it, fully illustrate 
the wasteful expenditure of capital upon competing lines of railways with which 
the State of Ohio is proverbial. 



OFFICERS. 

Wm. Dunbar, President. John Larwill, Vice President. 

C. A. Horr. Secretary and Treasurer. 



Wm. Dunbar, 
John Larwill, 
M.*H. MrrcHrLL, 



Directors. 
S. J. Critchfielp, 
R. M. Shoemaker, 
R. Rodgers, 



Ben j. Powers, 
T. W. Powell, 
J. M. Robinson. 



ALEXANDRIA, LOUDOUN AND HAMPSHIRE RAILROAD. 

From Alexandria to Piedmont, Va., (on Bait, and O. R. R.) 175 miles. 

(in progress.) 

Grading finished from Alexandria to Leesburg 40 miles. 

Under contract " Leesburg "Winchester 41 " 

Projected " Winchester to Piedmont 94 " 

Total length 175 miles. 

This road was commenced in 1852, consequently has been six years under con- 
struction. During the last four years it has lingered along, until' now 40 miles of 
graduation are ready for the superstructure. There is iron enough at Alexandria 
to lay 12 miles of track, and ties along the line for 9 miles. 

There has been expended on the whole line, to 31st August, 1858, the fol- 
lowing sums : 

Engineering $78,411 

Graduation 597,538 

Right of way 54,740 

Iron rails 50,209 

Depots 15,767 

Expenses, discounts and interest 78.195 

$874,860 

On hand, unexpended : 

Virginia State Stock 24.000 

Debts due the Co 3.926 

— 27,926 

Total assets $902,786 

Represented by liabilities, viz : 

Capital stock paid in $341,905 

State of Virginia 502.748 

Floating debt 58.133 

$902,786 



376 capitalist's guide and railway annual. 

Of $1,200,000 recorded subscriptions, the Scate of Virginia has subscrioed 
$720,000, of which, as will be noticed, $502,748 has been paid. The amount of 
her aid will be increased in the proportion of three-fifths to two-fifths con- 
tributed by others. The $100,000 subscribed by Clark county will be paid the 
coming year, and a hope is entertained of a similar subscription from Loudoun 
county. The report gives no details of work beyond Leesburg, or estimates of 
the probable cost of the road to Winchester. It is important to Alexandria that 
the road should reach Piedmont without further delay, not so much for the out- 
let from the coal fields in the Cumberland basin, as the short route to tide-water 
from so important a trunk line as the Baltimore and Ohio .Railway. The whole 
line runs through a rich and productive agricultural region, and with the same 
liberal aid west of Leesburg that has been contributed along the east line, the 
road will be able to reach Winchester at an early day. 



OFFICERS. 

Lewis McKenzie, President. R. Johnston, Treasurer. 

Chas. P. Manning, Consulting Engineer. 

Directors. 

Lewis McKenzie, ^1 Robt. H. Miller, "1 „ ,, a . , 

Cassius F. Lee, I on part of John J. Coleman, [ ou tne P a ," or 

Wm. H. Gray, f Stockholders. James R. Smith. J tne btate * 
Ben j. Morgan. J 



ST. LOUiS, ALTON AND CHICAGO ttAlLBOAD, 

{Originally the Chicago and Mississippi Railroad ; subsequently changed 
to Chicago, Alton and St Louis ) 

From Joliet to Alton 220 miles. 

Connecting at Joliet with the Chicago and Rock Island Railway. 

" " " Joliet and Chicago " 

" " " " and N. Indiana " 

" Peoria Junction with the Peoria and Oquawka Railway. 

" Bloomington " Illinois Ce tral (main line) Railway. 

" Springfield " Great Western " 

" Alton " Terre Haute, Alton and St. Louis R'w'y. 

" " " Steamers for all the Western rivers. 

The trains of this road have for many years used the track of the Chicago and 
Rock Island Company from Chicago to Joliet, but upon the completion of the 
Joliet and Chicago Railroad, they have been transferred to that, it being six 
miles shorter than by the old route. It is understood that this company have 
taken a perpetual lease of the new road, at a monthly rental of $10,000. But 
little is known of the internal affairs of this company. It was conceived in specu- 
lation, built by speculators, and speculators have ruined it. The original charter 
for that portion of the line from Springfield to Alton was given to the Alton and 
Sangamon Railroad Company, which was commenced in 1849 and finished in 
1852. This part was built with bona fide stock, and had a local board of 
directors 

After its completion to Springfield, we believe a new charter was obtained, 
authorizing its projection to Bloomington, and a contract let to Benjamin F. 
Godfrey, of Alton, for that purpose. Mr. Godfrey, becoming embarrassed, or 



BRUNSWICK AND FLORIDA RAILROAD. 377 

choosing to retire from bis connection with the road, assigned his contract to 
Henry Dwight, of New York, who conceived the project of continuing the road 
to Joliet, making a connection at that point with Chicago and the east. The 
directors of the road were easily persuaded to join in this undertaking — pre- 
suming (as was the fact) that Mr. Dwight's extensive acquaintance in New York 
and Connecticut, and his reputation as a financier, would enable him to negotiate 
bonds to the amount necessary to complete and equip the road. 

For this purpose the Chicago and Mississippi Railroad was formed, and incor- 
porated by the legislature — the charter covering the work from Alton to Joliet. 
A first mortgage was executed for the sum of $2,000,000, and seven percent, 
bonds were authorized to be issued to that amount. Mr Dwight took the bonds, 
and negotiated them readily in New York. Soon after more money was wanted. 
Dwight had gradually elbowed the directors out of the way in the management 
of affairs, and procured the election of three of his office clerk.- and some others 
whom he could control, to the office of directors. This body corporate and 
politic, voted a second mortgage for $1,500,000, upon which the money was soon 
forthcoming ; and shortly before the completion of the road to Joliet Dwight 
and the directors of his choice raised, by a third mortgage, at ten per cent, inter- 
est, dated March 1, 1854, the further sum of $1,000,000. Large amounts of these 
securities were put upon the citizens of New Haven and suburbs, the interest 
upon which continued to be paid until the bottom fell out in 1856, when a general 
suspension took place, and Mr. Dwight's directors executed a lease of the road 
for twenty-one years to Hamilton Spencer. By the terms of the lease Mr. 
Spencer was to provide for the interest on the bonds, expend a certain amount 
annually on the road, and pay a nominal rental to the company 

At the same time an assignment of the fee of the road was made t% certain 
third parties to pay a floating debt of a large amount, in sixty days from date. 
The sum — some $600,000 — was not forthcoming within the time specified. The 
assignees, therefore, sold the fee, subject to three mortgages, at auction, and it 
was bid off by Gov. Matteson and one or two associates, on the 15th December, 
1857, for $5,000. 

The cost of the road and appurtenances has been about $9,535,000 

or $46,640 per mile. 

Represented by : 

Capital paid in $3,300,000 

1st Mortgage bonds, 7's 2,000,000 

2d il " 7's 1.535,000 

3d " (Income) bonds- 10's . 1.000.000 

Floating debt 1,560.000 

$9,395,000 



BRUNSWICK AND FLORIDA RAILROAD. 

From Brunswick to Satilla river 31 mile3. 

Originally designed to go to Troupville, with a branch to Albany. The route 
has been changed, however, but to what point the report does not state. It must 
necessarily progress very slowly, as the lower counties are sparsely populated, 
and a large portion is very unhealthy Without a connection with the up- 
country, or a trunk line across to the gulf, it will be difficult to obtain revenue 
sufficient to pay expenses and interest xipon its debt. 
The cost of the road, including graduation and ties laid down 

west of the Satilla river, is $658,000 

or $21,266 per mile. 

32* 



378 capitalist's guide and railway annual. 

Derived from : 

Stock subscriptions $151,887 

Bonds issued 300,000 

Floating debt 163,648 

$615,536 

In 1857 the books and papers were removed to Brunswick, and it ceased to be 
a northern corporation by a change in the directiou and officers. All work 
on the road, however, has been suspended. During the past year, $1,191,500 
mortgage bonds have been reclaimed from the former managers of the road. 



OFFICER. 
H. G. Wheeler, President. 

Directors. 

H. G. Wheelek, Stephen C. King, Geo. E. Gray, 

Robt. Hazijjht.;rst, Sen. M. S. Griffin, D. R. Martin. 

Chauncy Vibbard. 



MILWAUKEE, WATERTOWN AND BARAB0U RAILROAD. 

From Junction Milwaukee and Mississippi Railroad to Columbus, 
Wisconsin 50 miles. 

(Formerly the Milwaukee arid Water town Railroad.) 

Connecting at Milwaukee with the La Crosse and Milwaukee Railway. 
" " " Milwaukee and Chicago " 

" " " Milwaukee and Mississippi " 

" " " Milwaukee and Beloit (in progress) Railway. 

" Junction 4t Milwaukee and Mississippi " 

" Watertown " Watertown and Madison (in progress) " 

This is one of the oldest roads in Wisconsin, the portion from Milwaukee to 
Watertown having been built in 1851. After being operated successfully for a 
number of years, it became, in 1856, the recipient of one of the grants of land do- 
nated by Congress to the State of Wisconsin. This road being completed to 
Watertown, and the Watertown and Madison line being under contract, seemed 
to be the only line that could lay claim to the grant — through the western and 
northern portion of the State — with success. This was early seen by the La 
Crosse Company, w o soon organized a plan, not only for the consolidation of this 
road, but with the Watertown and Madison road, which was a separate 
corporation. The latter being in progress, was not in a condition with the 
contractors at that time to perfect the consolidation, and it was never carried out. 
This line, howover, was the instrument by which the La Crosse Company was 
placed in such a prominent position before the public, the filiate of which is so 
fresh in the minds of every one connected with American railways. Immediately 
after the financial crisis, this portion of the La Crosse and Milwaukee road was 
leased to D. C Freeman, of Milwaukee, who took it and agreed to pay the 
interest on the 1st, 2d and 3d mortgage bonds, besides running expenses, if the 
earnings of the road were sufficient to justify it. It was continued under this 
lease until the 26th December, 1857, when it was sold to the Madison, Fond du 



NEW CASTLE AND FRENCHTOWN RAILROAD. 379 

Lac and Michigan Railroad Company, who have since organised under the 
name adopted by this road. 

The capital consists of the assumption of $1,000,000, in bonds created mainly 
for the old line, and $300,000 stock in pledge with the city of Milwaukee for a 
loan to the old company, making the cost of the 50 miles ^26,000 per mile. 

No report for 1858 received. 



S. L. Rose, President. 

L. E. Schuyler, Secretary. 



S. L. Rose, 

N. J. Emmons, 
G. H. Allen, 



OFFICERS. 



J. O. Noxon, Treasurer. 

S. S. Merrill, Superintendent. 



Directors. 

O. K. Coe, 

J. J. Talmadge, 

J. T. Weston, 



P. M. Johnson, 
A. A. Brayton, 
R. J. Norris. 



NEW CASTLE AND FRENCHTOWN RAILROAD, 



From New Castle to Frenchtown 14 miles. 

Connecting at Delaware Junction with the Delaware Railway. 

" NewCastle " Newcastle and Wilmington Railway. 

" " " Steamboats on Delaware bay. 

••' • Frenchtown " " Chesapeake " 

This is one of the oldest roads in the Union, and very many Southern readers 
will recollect with pleasure, in their sojourns to the north some twenty years ago, 
the jolly captain of the steamboat who, after conducting his passengers in safety 
from Baltimore, was wont to see them seated in the small foui*- wheel cars, bidding 
them a kind adieu. For several years this road was the principal thoroughfare 
across the peninsula for the mails and passengers between Philadelphia and Balti- 
more, and is still used for freight, although not very remunerative. 

It is operated by the Philadelphia, Wilmington and Baltimore Railroad Com- 
pany, and in 1857 at a loss principally on that part west of Delaware junction, in 
•onnection with the steamboat line to Baltimore. 



BALANCE SHEET OF THE NEW CASTLE AND IRENCHTOWN TURNP1KK AND RA1L- 



Dr. 



ROAD COMPANY. 
November 80, 1858. 



Cr. 



Cost of road 

Steamboat 

Real estate 

Chesapeake and Delaware 

Canal stock 

Cash means 




J Capital stock $762,320 

Unclaimed dividends 790 

Tax and bonus to State of J 

Delaware j 4,168 



$767,278 



380 capitalist's guide and railway annual. 

BUSINESS OF THE ROAD FOR THE YEARS 1857 AND 1858- 

EndingNov.30 1857. 1858. 

Expenses $38,890 $23,295 

Earnings 23,942 19,885 

*Netloss $14,948 $3,410 



To Philadelphia, Wilmington and Baltimore Railroad Company. 



PERU AND INDIANAPOLIS RAILROAD. 

From Indianapolis to intersection T. W. & Western R. R 74 niiles . 

(One mile north of Peru) 

Connecting Avith the various lines of railways diverging from Indianapolis. 
" at Kokomo with the Cincinnati and Chicago Railway. 

" Peru " Toledo, Wabash and Western Railway. 

No report received. 

This road has been somewhat embarrassed at different times, but the back inter- 
est was subsequently paid up to 1856. It has cost about $28,000 per mile. It3 
funded debt is $820,000, and net earnings la?t year were within a fraction of $1,000 
per mile of road operated. 

OFFICERS. 

Jno. D. Defrees, President. T. P. Haughey, Sec'y and Treasurer. 

J as. M. Hills, Superintendent. 

Directors. 

Jno. D. Defrees, John Bohan, Willis W. Wright, 

S. P. Drake, E. M. H. Ellis, David Macy, 

E. M. Sharp, Wm. J. Holman, G. L. Dart. 



WISCONSIN CENTRAL RAILROAD. 

From Richmond (State line of 111.) to Columbus, Wis 65 miles'. 

In operation, from Richmond to Geneva 10 miles. 

Graded, " Geneva to Elkhorn 4 " 

Partially graded, from Elkhorn to Jefferson 24 " 

Located, " Jefferson to Columbus 27 " 

Total 65 miles. 

Connecting at Richmond with the Fox River Valley railway, with which it has 
running connections. 



KENNEBEC AND PORTLAND RAILROAD. 



381 



The resources of this company have been very limited from the commencement 
of the road, and yet some $600,000 have been expended on the completed portion 
and between Elkhorn and Whitewater. The compiler is unable to give the- 
amount of debt of the company or capital paid in. Some of the bonds of the 
company are in circulation on which the interest is not paid, judging from the pri- 
ces they have been selling for. 



OFFICERS. 

John E. Holmes, President. Edward Barber, Secretary. 

F. G. Starin, Superintendent and Engineer. 



"B. W. Raymond, 
Saml. Hood, 
Jas. Haskins, 
P. H. Brady, 

N. P. Parsons, 



Directors. 

J. E. Holmes, 
E. L. At wood, 
Edward Elderkin, 
P. G. Harrington, 
Geo. H. Smith, 



N. C. Hurlbvrt, 

W. D. HlLLYER, 
E. G. FlPIELD, 

Josiah Smith, Jr., 
N. F. Soper. 



KENNEBEC AND PORTLAND RAILROAD. 

Main line, from Portland to Augusta, Me 63 miles. 

Bath branch, from Brunswick to Bath 9 " 

Total 72 miles. 

Connecting at Augusta with the Somerset and Kennebec, and at Yarmouth 
with the Grand Trunk Railways. 

Cost of road $2,871,246 

or $40,000 per mile. 

Since the 1st September, 1857, this road has been in possession of the trustee* 
for the 2d Mortgage bondholders. 

The following liabilities, at about the time the road passed out of the control 
of its stockholders, are claimed to be in advance of the 2d Mortgage bonds of 



City and town loans $800,000 

Yarmouth scrip . . . 202,000 

Overdue coupons on same 65,000 

1st Mortgage bonds 230,000 

Coupons overdue on same 20,700 

Due sinking fund 23,329 

Land damages 3,000 

Debt to Reuel Williams 77,448 

$1,421,877 

From which deduct Sinking Fund accumulated for City and Town 
loans 69,367 



$1,352,510 

which must be liquidated before the 2d Mortgage bondholders can have unincum- 
bered possession of the real and personal estate of the road. 



382 capitalist's guide and railway annual. 

No interest has been paid upon the bonds for the past two years, and although 
the road has not been sold, the stock is regarded as of little value. 

No report of the earnings of the road received. 



Trustees. 

JosErH McKeen, John Pallin, Marshall L. Haoar, 

Treasurer to Trustees. 

J. S. Cushing. 



ALABAMA AND MISSISSIPPI RIVERS RAILROAD. 

From Selina, Ala., to State line of Mississippi 88 miles. 

(in progress.) 

To connect with the Southern Railway from the State Line running West 
through Jackson to Vicksburgh. In operation 22 miles from Selma. 

Amount expended per last report $424,314 

Derived from : 

Stock subscriptions $206,428 

State of Alabama 2 per cent, fund 100,000 

Funded debt 80,100 

Bills payable— Director's bills 13,962 

Contractors 3,809 

Earnings 20,675 

$424,974 

Excess of means, which is in cash 620 

In addition, there is on hand Mortgage bonds $180,000 

Equipment consists of 1 Locomotive ; 1 Passenger, and 20 other cars. 

As the road progresses westward the resources of the company will increase, 
having assurances that, in addition to the further contribution from the 2 per 
cent, fund, all the aid required will be furnished along its line for the completion 
of the road to the Mississippi State line. The road will be finished to the Tom- 
beckbee river early in 1859. 



MEMPHIS AND LITTLE R0CR RAILROAD. 

From Hopefield (opposite Memphis) to Little R ock 146 miles . 

Finished (1st section) from the Miss to the St. Francis river 40 " 

Under contract " St. Francis river to White " 61 " 

Projected " White " " Little Rock 45 " 



Total length 146 miles. 



DELAWARE RAILROAD. 383 

The first train passed over the finished portion of the road on the 12th No- 
vember, 1858. 

Amount expended on the road $533,877 

" on hand in bills receivable 10,992 

" " City bonds endorsed by State 254,000 

" cash 13,080 

$811,949 

Derived from : 

Capital stock, subscriptions paid $351,524 

Bonds secured by Navy Yard, Memphis 96,000 

Memphis city bonds, endorsed by State of Tennessee. . . 350,000 

Interest and exchange 3,700 

Floating debt 10,725 

$811,949 

The bonds of the city of Memphis, endorsed by the State of Tennessee,. 

constitute as reliable a security as the direct bonds of the State, and of course 
are available for the purchase of rails. Since the report, sales have been made 
for cash — these bonds being receivable by the comptroller for banking purposes. 
The other means of the company for the extension of the road is in the security 
offered by its land grant of 800,000 acres, mortgage bonds and county and indi- 
vidual subscriptions. The work of graduation is being pushed eastwardly from 
Little Rock, and no effort will be spared to complete the line during the year 
1861. %. 



Directors. 

Samuel Tate, J. M. Hill, R. C. Bri.nkley. 

John Robertson. H. B. Edmonson, 



DELAWARE RAILROAD. 

From Delaware Junction (on New Castle and Frenchtown R. R.) to 
Seaford, Del 71 miles. 

Connecting with the Wilmington and New Castle and New Castle and French- 
town Railways. 

This road is operated by the Philadelphia, Wilmington and Baltimore Rail- 
road Company, and has been finished to Seaford for about two years. The con- 
tinuation of the line to tide-water on Chesapeake bay is under consideration, and 
a route has been surveyed from Seaford to Salisbury, 19 miles. Estimated cost, 
$200,000. Other branches will probably be built to connect with Lewes and 
Milford. 

The cost of the road, including buildings, and interest and discounts 

on bonds, &c, to January 1, 1859, is $1,146,311 

or $16,145 per mile. 

Represented by : 

Capital stock paid in $252,561 

Donation by the State of Delaware 35,000 

Mortgage bonds 500,000 

Guaranteed " 65,000 

State " 170,000 

Floating debt 123,750 

$1,146,311 



384 capitalist's guide and railway annual. 

The gross earnings in 1858 were $66,627 97, subjecting the Philadelphia, 
Wilmington and Baltimore Company to a loss of $45,814, in operating the road. 



OFFICERS. 
Saml. L. Harrington. President. J. F. Allee, Secretary and Treas'r. 



S. M. Harrington, 
Jesse Sharpe, 
O. J. Dupont, 
Alex. Johnson. 



Directors. 

Charles Wright, 
W. Cannon, 
Henry Ridgelev, 
S. M. Felton, 
H. B. Fiddeman. 



E. W. Gilpin, 
A. C Gray, 
Jesse Lane, 
Danl. Curry, 



ANDROSCOGGIN RAILROAD. 

From Leeds Junction to East Wilton 32 miles. 

To be extended to Farmington, 6 miles. 

Connecting at Leeds Junction with the Androscoggin and Kennebec Railway for 
Portland, with which it h is a running connection equal to a through line. 

The cost of the road, including work on the extension, is about. . . $572,000 
or $18,000 per mile. 

Represented by : 

Capital stock $225,000 

Bonds 250,000 

Floating debt 97,000 

$572,000 

Receipts in 1857 $25,209 

Expenses " 20,326 

Net earnings $4,883 

Per centage of net earnings to gross receipts, only 19^. 

No report of earnings for 1858 received. 



OFFICERS. 

J. B. Jones, President. Wm. Small, Treasurer. 

S. W. Eaton, Superintendent. 



J. B. Jones, 
Ensign Otis, 



Directors. 

O. MlLLETT, 

John Smith, 
G. Lane, 



John Dyer, 
Joseph Hoyt. 



ILLINOIS CENTRAL RAILROAD. 



385 



ILLINOIS CENTRAL RAILROAD. 

Main line, from Dunleith, opposite Dubuque, to Cairo 454 miles. 

Chicago Br., " Chicago to Centralia 250 " 

Total length .• . . 70 1 miles. 

Main line : 

Connects at Dunleith with the Dubuque and Pacific Railway. 

" " " " Western " 

*' '* " " St. Paul steam packets. 

Galena " Galena and Davenport " 

" Warren " Mineral Point Railway. 

Freeport " Galena and Chicago U Railway. 

" " Racne and Mississippi " 

" Dixon " Chicago, Fulton and Iowa " 

** Mendota " " Burlington and Quincy Railway. 

" La Salle " " and Rock Island " 

" Peoria June. " Peoria and Oquawka " 

" Bloomington " St. Louis, Alton and Chicago • " 

" Decatur " Great Western (111 ) " 

" Sandoval " Ohio and Mississippi " 

" Centralia " Chicago Branch of this road. 

" Cairo " Steamers for the Mississippi. Ohio, Wabash, 

Cumberland, Tennessee, Missouri and Illin- 
ois rivers. 
Chicago Branch line : 

Connects at Calumet with the Michigan Central Railway. 
" Matteson " Joliet and N. Indiana " 

11 Tolono " Great Western " " 

M Mattoon " Terre Haute, Alton and St. Louis Railway. 

" EflBngham " Ohio and Mississippi " 

" Centralia " Main line of this road. 

This company has a running connection with the Mineral Point Railroad (from 
Warren to Mineral Point, 32 miles), and has, with the Galena and Chicago com- 
pany, guaranteed a net annual income of 8 per cent, on $700,000. 

The grant of land was made by Congress September 20, 1850, and in Decem- 
ber, 1851, the road was commenced. The following dates of the opening of the 
several sections on the main and branch line will show how rapidly the road was 
built and put in operation : 



Main line : 



DATES OF OPEN I NO. 



From La Salle to Bloomington, May 16, 1853 60 miles. 

Mendota to La Salle, Nov. 14, 1853 16 " 

Freeport to Warren, Jan. 19, 1854 25 " 

Bloomington to Clinton, March 14, 1854 23 " 

Warren to Scales Mound, Sept. 11, " 14 a 

Clinton to Decatur, Oct. 18, 1854 22 " 

Scales Mound to Galena, Oct. 30, 1854 12 " 

Cairo to Sandoval, Nov. 22, 1854 118 M 

Decatur to Sandoval, Jan. 1, 1855 85 " 

Mendota to Freeport, Feb. 1, " 62 " 

Galena to Dunleith. June 12, " 17 ■« 



454 miles. 



83 



GUtDK AND RAILWAY ANNUAL. 

Chicago Branoh line : 

From Chicago to Calumet, May 15, 1852. 14 miles. 

" Calumet to Kankakee, July 11, 1853 42 " 

" Kankakee to Spring Creek, Dec. 2, 1853 31 " 

" Spring Creek to Pera, May 18, 1854 22 " 

" Pera to Urbana, July 24, 1854 20 " 

" Urbana to Mattoon, June 2-5, 1855 44 ■« 

" Mattoon to Centralia, Sept. 27, 1856 77 " 

250 miles. 

704 miles. 

Could this road be made self-sustaining, it would be one of the most magnificent 
enterprises of modern times — but such is not the case ; and the query with capi- 
talists is, how long can the road continue its traffic at a loss of a million to a mil- 
lion and a. quarter of dollars annually without sapping the foundation that now 
lies in the land grant. The road was fairly under way in 1855 (except a short 
link of about 60 miles on the Chicago branch) ; and in order to present the con- 
cern in the same light, other roads are obliged to be viewed that have had no gifts 
of lands, viz., simply upon their advantages and capacity for revenue — it is only 
necessary for the compiler to give the results of the operations of the road sinoe 
that period, leaving the reader to draw his own conclusions for the answer. 

The annual charge for interest, taxes, rents, &c, to the income account, as 
they commonly appear in the accounts of other roads, from 1855 to 1858 inclu- 
sive, are as follows : 

Interest. Taxes. Rents. Miscellaneous. Total. 

1855 $1,213,081 $29,751 $22,000 $4,519 $1,269,351 

1856 1,668,838 77,632 22,000 15,420 1,783,890 

1857 1,875,518 145,646 22,000 .... 2,043,164 

1858 1 ,617,413 132,005 22,000 .... 1,771,418 



(Average, $1,716,956 per annum) $6,867,823 

The net earnings for the same period have been : 
In 1855, 36,,66 per cent, of gross receipts $562,223 

1856, 45„92 " " " 994,332 

1857, 21„92 " " « 502,733 

1858, 2S„17 « •« " £56,623 

$2,615,911 

Loss in operating the road in four years $4,251,912 

These facts are not presented to weaken confidence in the ultimate success of 
the enterprise, but to draw attention to what must sooner or later take place — 
the cutting down the annual charges for operating the road to an amount com- 
mensurate with its revenue. The deficiency, as will be uoticed in 1855, was 
$707,129, equal to 31, ,15 per cent, upon the paid-up capital. In 1856 it was 
$789,558. or 24,,22 per cent, upon the capital paid in. In 1857 it had increased to 
$1,540,431, or 23,,52 per cent., a much larger sum than the preceding year, owing 
to an increased interest account consequent upon the financial panic and assign- 
ment. In 1858 the deficiency was $1,214,795, or 11, ,90 per cent, upon the capital 
paid in. The deficiency in each year does not appear, by the reports of the com- 
pany, as large, because it has drawn during the same period a large sum from 
the annual sales of interest fund lands. The per centage of expenses to gross 
earnings, as detailed above, shows that this road is worked at a heavier expense 
than most any of the western roads ; and the subject of reducing them to a cost 
of from 50 to 55 per cent, has occupied the attention of the directors, without any 
matured plan for giving it effect. The master of transportation says, of the 
expediency of running but one train per day to Cairo, " It would bs false econ- 
omy, since the greater part of our expenditures cannot be avoided by a resort to 
this course. The actual saving would be $150,000 per annum, while on the other 
hand we would lose one-third of our passenger business and half our mail pay — 
amounting to $310,520." If, then, the operating expenses cannot be essentially 



ILLINOIS CKNTKAL ILWLKOAD. ■ 387 

diminished by a reduction of trains, the stockholders must feel an interest in 
knowing how far the gross revenue must be enlarged to make their road sustain 
itself from traffic alone. 

For the past four years the earnings have been $8,241,539, and net profits 
$2,615,911, or 31„77per cent, of the gross receipts. Assuming that the same per 
centage of operating expenses would have existed in a revenue three times as 
large as was received, the road would have been obliged to earn, in order to make 
itself self-sustaining, during the four years under review, the large sum of 
$25,960,840, or an average of $6,490,000 per annum. Taking, however, the most 
successful season the company has ever had (in 1856), the amount they should 
have received from traffic to make the road pay its own way is $4,365,591, instead 
of $2,438,878, the actual receipts. 

In the land department, everything connected with the present policy of the 
company appears in as good condition as could be expected from the diminished 
number of applicants for farms. Tt has been questioned, by persons familiar with 
the land business of the west, if the high price policy has not resulted adversely 
to the true interests of the company by driving into Iowa good thrifty farmers 
from the old agricultural states. During the favorable seasons of 1855 and 1856 
for immigration, when so many were seeking new homes, it is estimated from 
statistics of population, that 50,000 persons more would have settled along the 
line of the road, had the prices of the company's lands been fixed as low as those, 
equally attractive, in the river counties of Iowa and in other parts of Illinois. By 
the adoption of prices that would have successfully competed with other portions 
of the State or adjoining States, there might have been sold, to 31st December last, 
instead of 11, ISO distinct tracts, 20,000 — receiving in part pay a larger per cent- 
age of cash : or, instead of $1,348.000 — the actual cash receipts — the company 
might have realized $2,500,000, and had contracts out for $22,500,000. The alter- 
nate sections being taken up for $2 50 per acre, were always in market at lower 
prices, and upon similar credits — thus competing with the company both as to 
price and terms. It was not difficult, in the inception, to foresee the consequences 
of a liberal policy towards a population rapidly gaining in size upon the line of 
the road. It suffices to know, that had it been added, the element for a greatly 
enlarged traffic for the road would now have existed, and by its revenues would have 
contributed largely to the means of the company every year since 1856, thus reducing 
the annual deficiency from operating it to a mere nominal sum This, however, has 
passed, and it remains for the company to act towards the contractors to purchasein. 
a spirit of liberality and forbearance, until the soil, which is unsurpassed for rich- 
ness, yields the means to relieve them from embarrassment. The great element 
in the present value of the stock of this corporation rests in the contracts for lands 
sold and the quantity on hand. The report for 1859 would have supplied a very 
desirable piece of information had it contained a list of these contracts, when they 
mature, and the amount paid thereon. The public could then see the order they 
mature, the delinquents, the surrenders and payments, and make more accurate 
calculations of the amount of bonds to be cancelled from time to time. 

During the year 1858, the floating debt has been reduced from $3,806,180 to 
$1,297,277, and the capital stock increased from $6,556,435 to $10,484,210— the 
increase providing the means for the reduction of the floating debt, and the defi- 
ciency from operating the road. 

In October, 1858, the company declared, as a dividend on the cancelled bonds, 
the following form of a certificate : 

ILLINOIS CENTRAL RAILROAD COMPANY. 

Cancelled Bonds Scrip. 

Issue A , No. , 1858. 

Whereas, at this date, $ of the bonds of this company have been pur- 
chased with the moneys received from the sales of its lands, and have been can- 
celled, being equivalent to $5 per share on shares of the capital stock of the 

company, and being the holder of shares, this certificate, 

representing dollars, is issued to , transferable by power of 

attorney. 

This scrip is entitled to the payment of the same rates of cash dividend as may 
hereafter be declared on the shares of capital stock of the company, reserving to 
the shareholders at any general annual meeting the power to declare whethe 
such scrip shall continue in its present existing form, or be amalgamated with th e 



388 capitalist's guide and railway annual. 



general stock of the company, under such arrangements as may then be deemed 

advisable. By order of the Board, — ■ — , Treasurer. 

, Secretary. 



Dr. 



BALANCE SHEET OF RAILROAD. 
Fiscal Year ending December 31, 1858. 



Cr. 



1. Cost of road aad equip- 

ment. ..' 

2. Materials and fuel 

3. Interest fund account. . . 

New York office 

Chicago " 

Cash and cash assets at 

New York office 



$26,258,462 

550,182 

3,886,733 

434,516 

306,592 

160,002 



$31,596,487 



Capital stock 

Optional right scrip. . 

Bonded debt 

Floating debt 

Trustees of the Peoria I 

and Oquawka Kailr'd! 

bonds I 



$10,184,210 

65,000 

20,000,000 

1,297,277 



50,000 



$31,596,487 



1855. 

Road proper $14,763,583 

Buildings 1,669.144 

Equipment 2,234,777 

Expenses 471,861 

Discount on bonds. 2,484,236 



1856. 
$16,434,832 
1,883,339 
2,595,120 
534,658 
2,494,679 


1857. 

$17,456,187 

2,026,088 

3,347,799 

607,595 

2,531,564 


1858. 
$17,648,126 
2,026,088 
3,347,799 

704,227 
2,532,222 


$23,942,628 


$25,969,233 


$26,258,462 


704 


701 


704 


$25,341 

2,675 
3,686 


.$24,788 
2,880 
4,755 


$25,068 
2,880 
4,755 


4,303 


4,459 


4,597 



Total construction. $21,623,601 

Miles in operation 627 

Cost of road proper, per 

mile $23,547 

Cost of buildiugs,pr in. 2,262 

" Equipm't, " 3,564 
" Expenses and 

discount, per mile. . 4,714 

Total cost, per mile. $34,487 $34,008 $36,882 $37,300 

The equipment consists of 113 Locomotives : 96 Passenger, Baggage, Mail and 
Express cars ; 1,312 House Freight, 300 Gondola, 40 Emigrant, 522 Plat- 
form, 117 Coal, and 2 Service cars ; and 12 snow ploughs. 



Fuel 1 

Supplies 

Materials on the line. 
" in shops... 

Merchandise 

Stationery 



$232,403 

3,853 

65,537 

229,398 

16,958 

2,033 



3. See Income Account. 

4. Capital stock, 255,000 shares— $100 each— $25,500,000. 

175,000 shares issued, upon which there has been paid : 

$60 a share on 174,213 shares $10,452,780 

40 « . « 782 " 31,280 

30 " " 5 " 150 



$550,182 



175,000 " 
Deduct carried to interest fund in 1S51 . 



5. Amount issued redeemable Feb. 20, 1868, 7 per 

cent 

Deduct amount cancelled $2,515,000 

* not issued 620,000 

Amount outstanding 



$10,484,210 
300,000 



$3,200,000 
$3,135,000 



$10,184,210 



$65,000 



ILLINOIS CENTEAL RAILROAD. 

6. Construction bonds, due in 1875, 7 per 

cent $12,885,000 

Construction bonds, due in 1875, 6 per 

cent 4,115,000 

$17,000,000 

Freeland bonds, due in 1860, 7 per ct. 3,000,000 

7. Bills and accounts payable New York office $521,643 

" " " Chicago " 300,634 

Renewal scrip, due July 1, 1859 475,000 



389 



$20,000,000 



$1,297,277 



INCOME ACCOUNT OF RAILROAD. 
1855. 



Operating expenses, 1855. 

Charter tax 

Exchange 

Interest due in 1854 

1855 

Rent Joliet cut-off 



$969,896 

29,751 

4,519 

1,116,026 

1,196.779 

22,000 



$3,338,971 



Balance January 1 

Pre-emption lands 

Adv. interest on interest 

fund lands 

Town lots 

Net earnings 6 mos. , 1854. 

Gross earnings, 1855 

Land department, interest 

on sales 

Balance (interest fund) .... 



$189,765 
24,966 

J 53,893 

10,182 

149,744 

1,532,119 

45,399 

1,232,903 



$3,338,971 



1856. 



Balance January 1 

Operating expenses 

Charter '* 

Expenses belonging to 1855. 

Interest 

Rent Joliet cut-off 



$1,232,903 I Gross earnings I $2,434,878 



1,444,546,; Other receipts. 

77,632 i Sales interest fund lands. . . 

15,420 ": Profit and loss account, bal- 
1,668,838 ' ance 

22,000 ; Balance (interest fund). . . . 



41,157 
304,861 

28,053 
1,652,390 



$4,461,339 



I $4,461,339 



Balance January 1 . . 
Operating expenses. 

Charter tax 

Interest , 

Rent Joliet cut-off. . 



1857. 



$1,652,390 

1,791,231 

145,646 

1,875,518 

22,000 



$5,486,785 



Gross earnings 

Other receipts 

Sales interest fund lands. 
Balance (interest fund) . . 



$2,293,964 

63,239 

300,529 

2,829,053 



$5,486,785 



1858. 



Balance January 1 

Operating expenses 


$2,829,053 

1,419,954 

132,005 

1,617,413 

22,000 




$1,976,578 
167,114 


Sales interest fund lands, 




Balance (interest fund). . . . 


3,886,733 


Rent Joliet cut-off 




$6,020,425 


$6,020,425 



33< 



390 capitalist's guide and railway annual. 



AVAL Yi IS OF THE BUSINESS OF THE ROAD FOR THE PAST FOUR YEARS. 
For years ending Dec. 31. 1855. 1856. 1857. 1858. 

Gross receipts $1,532,119 $2,438,578 $2,293,964 $1,976,578 

Operating expenses...... 969,896 1,444,546 1,791,231 1,419,955 

Net earnings $562,223 $994,332 $502,733 $556,623 

Increase in gross receipts in 1856 over those of 1855 58,,59 per cent. 

Decrease " " 1857 " 1856 5„36 

1858 " 1857 13„41 

Increase " " 1857 " 1855 49„14 

1858 " " 29„05 

Decrease " " " " 1856 17„60 " 

Increase in net earnings in 1856 " 1855 76,,71 " 

Decrease " " 1857 " 1856.... 49„15 " 

Increase " " 1858 " 1857 1„07 

Decrease . " " " " 1856 44„35 

1855. 1856. 

Net income from gross receipts, per cent 36, ,66 45„92 

" oncost of road, in which is included discount on 

honds, per cent 2„59 4„14 

" on capital stock and debt, per cent 2, ,33 3,, 90 

Deficiency of income from traffic to meet interest on debt, oper- 
ating expenses, State tax and miscellaneous expenses (on 

capital stock paid in) . per cent 31„15 24, ,22 

Net earnings on length of road, per mile $839 $1,412 

1857. 1858. 

Net income from gross receipts, per cent 21, ,92 28,, 17 

" on cost of road, in which is included discount on 

bonds, per cent 1,,82 2,,12 

" on capital stock and debt, per cent. .' 1,,74 l„8l 

Deficiency of income from traffic to meet interest on debt, oper- 
ating expenses, State tax and miscellaneous expenses (on cap- 
ital stock paid in), per cent 23,, 52 11, ,90 

Net earnings on length of road, per mile $714 $776 



TABLE OF MONTHLY EARNINGS. 



January... 
February 
March. . . . 

April 

May 

June .... 



1856. | 1857. 


1858. 


$134,096 
121,101 
140,058 
185,567 
198,572 
192,935 


$150,041 
126,753 
174,355 
206,341 

202,225 
208,094 


$130,061 
116,470 
163,848 
179,991 
161,090 
154,193 





1856. 


1857. 


July 

August 

September . 
October. . . . 
November . 
December. . 


$199,266 
247,506 
287,596 
306,177 
246,661 
175,344 


$189,099 
221,894 
238,926 
244,124 

187,058 
145,055 



$154,299 
202,953 
218,861 
184,776 
156,038 
153,999 



FREIGHT STATISTICS, 



Showing some of the. principal ar ticks of Produce moved for the past three years. 

1858. 

2,169,902 

993,571 

6,406 

409,325 

51,213 

50,267 

80.474 

16,397 



1856. 

Wheat, bushels 1,597,715 

Corn. " 

£ye, << 

Oats, " 

Barley, " 

Potatoes, " 

Flour, barrels 

Whiskey, « 

Beef, " 

Pork, " 

Lard, " 



1,862.869 

1L976 

626,059 

47,088 

77,291 

56,028 

17,473 

366 

4,739 

47,333 



1857. 

2,514,181 

679,843 

4,165 

670,424 

25,798 

104,874 

85,585 

17,206 

380 

4,468 

2,828 



8,583 
2,625 



ILLINOIS CENTRAL RAILROAD. 



391 



1856. 

Salt, barrel- 45,168 

Apples, •• 20,736 

Lime, " 31,221 

Sugar, " 15,066 

Molasses, " :... 7,692 

Sugar, hhds 4,362 

Hogs (dressed) , lbs. 3,260.423 

" (live), number 69,223 

Cattle, number 19,389 

Sbeep, " 15,573 

Horses and mules, number 3,997 

Hides, lbs 1,714,399 

Coal, tons (2,000 lbs.) 34,982 

Lumber, feet 50,546,701 

Merchandise, tons (2,000 lbs) 53,882 

Sundries, " " 540,580 



1857. 


1858. 


35,338 


52,815 


18,848 


15,905 


32,584 


26,078 


9,667 


14,091 


7,235 


11,444 


4.160 


12,912 


2,208,965 


4,883,188 


145,449 


104,208 


26,026 


24,319 


34.186 


21,061 


3,738 


1,978 


2,129,285 


2,596,219 


59,426 


57,571 


71,472,986 


58,917,245 


64,298 


35,760 


446,239 


382,653 



LAND DEPARTMENT. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending December 31, 1858. 



1. Bills receivable ($13,148 

Treasurer Illinois Cen- 
tral Railroad at New 
York 

2. Bonds cancelled 

3. Expense account 

4. Defaulting agent 

Real estate in Centra- 

lia 



1,246,246 

1,050,000 
373,614 

8,207 



5. Lands sold for 

cash $1,348,240 

Lands sold on 
credit 14,341,181 



Construction lands sold, 
but not endorsed on 
secretary's books 



2,483 



$15,829,445 



Ck. 

; $15,689,421 

140,024 

$15,829,445 



1. In the hands of the custodian (notes) $13,140,557 

cashier • 8,338 



1 






$927,000 
• 123,000 


$13,148,895 












Office and general expenses connected with this depa 
eluding discounts and commissions: 


11,050,000 
$373,614 


3. 


rtment, in- 


i. 
5. 


A. K. Cory. 

Acres. 

Construction lands 871,448 

Free " 195,814 

Interest " 162,573 

Donated town lots 


Cash. 

$575,708 

139,533 

555,102 

57,5 9 

17,507 

566 

2,225 


tfotes. 

$10,941,352 

2,753.253 

540,462 

74,1-iO 

30,448 

1,526 

1,348,240 

10. $98,264 
14,855 
8,038 
3,310 
1,465 
12,045 
2,047 




" lands 160 






Sundry sales not consum'ted 






Add cash sales 




8 


Construction land endorsements not on secretary's boo] 
Free " " " " " 
Interest " " " " " 
A. J. Galloway & Co.'s " " " 
Adam Smith's' " " " 
Interest, exchange and dis. " " " 
Forfeited payments, " * " 


$15,689,421 



$140,024 



392 capitalist's guide and railway annual. 



GEOGRAPHICAL POSITION OF THE LANDS UNSOLD JANUARY 1, 1859. 

Main line, between Cairo and Sandoval 372,958 acres-. 

" " Sandoval and Pana 125,090 " 

" " Pana and Decatur 57,960 ■ 

" " Decatur and La Salle 96,447 " 

" " La Salle and Dixon 66,670 " 

" " Dixon and Dunleith 65,458 " 

Chicago Br., betw'n Centralia and Mattoon 156,933 '* 

" " Mattoon and Tolono 79,887 " 

M " Tolono and Chicago- 343,761 " 



Total • 1,365,164 ■ 

SIZE AND NUMBER OF FARMS SOLD FROM PRIOR TO 1854 TO DEC. 31, 1858. 



Prior and in 
1854. 
40 acres 1,253 



80 
120 
160 

200 



320 
360 
400 
440 
480 
520 
560 
600 
640 
640 



and above. 



673 

97 

155 

6 

2 

1 
8 
1 
1 
2 
2 



10 



1855. 

646 

642 

97 

356 

29 

48 

16 

141 

6 

7- 

6 

11 

3 

10 

7 

66 

28 



1856. 

814 

804 

108 

376 

32 

36 

5 

128 

11 

10 

4 

9 

3 

4 

3 

69 

13 



1857. 

1,538 

1,018 

144 

422 

33 

55 

15 

97 

9 

12 

2 

13 

9 

10 

5 

29 

8 



1858. 

519 

216 

15 

45 

3 

5 

1 

6 

3 
1 
2 



Total. 

4,770 

3,533 
461 

1,354 
103 
146 



27 



15 
37 
15 
24 
15 
179 
50 



Total farms sold 11,180 



CONSOLIDATED BALANCE SHEET OF RAHJROAD AND LAND DEPARTMENT OF THB 
• ILLINOIS CENTRAL CORPORATION. 



Dr. 


January 


1, 1859. 


Cr. 


Cost of road, &c 


$26,258,462 

550,182 

741,108 

13,148,895 

2,483 

1,050,000 

160,002 

17,700,892 


Capital stock 


$10,184,210 

65,000 

20,000,000 


Materials and fuel 

Debts due the road 


Optional right scrip 

Bonded debt 


Bills receivable for lands 


Floating debt 


1,297,277 

50,000 
28,015,537 


Real estate in Centra- 
lia 

Bonds cancelled 


Trustees of Peoria and 

OquawkaR. R. bonds. 

2. Profit and loss 


Cash in treasury 

1. Lands on hand 








$59,612,024 


$59,612,024 



1. The original grant was for 2,595,000 acres, divided as follows : 

Construction lands to secure payment on $17,000,000 bonds. . 2,000,000 acres. 
Free " " " 3,000,000 " .. 345,000 " 

Interest fund " " ." of interest on these bds. 1:50,000 " 



Total 2,595,000 acres. 



NASHVILLE AND NORTHWESTERN RAILROAD. 393 

There has been sold to 1st January, 1859 (exclusive of town lots) : 
Of construction lands, 871,448 acres, for $11,517,060— equal to $13 21 per acre. 
" free lands, 195,815 " " 2,892,785 " 14 77 

" interest " 162,573 " " 1,095,564 " 6 74 

Total acres sold. 1,229,836 for $15,505,409 Aver. $12 61 per acre. 

On hand 1st January, 1859 : 

1,128,552 construction lands, valued at $13 21 per acre $14,908,172 

149,185 free " " 14 77 " 2,203,462 

87,427 interest " " 6 74 " 589,258 

1,365,164 acres, valued at. . . ! $17,700,892 

2. Amount of lands sold to 1st January $15,829,445 

'•' on hand, from which sales are being 

made, valued at 17,700,892 

$33,530,337 

Deduct : 

Net loss in operating the road for four years $3,886,733 

Applied to interest fund by treasurer in New York, 
resulting from lands sold from 1853 to 1858 inclu- 
sive (less his balance) 1,246,246 

Expenses of land department 373,614 

Defaulting agent 8,207 

$5,514,537 

$18,015,800 

OFFICERS. 
Wm. H. Osborn, President. J. N. Perkins, Treasurer. 

Geo. B McCleixaNj Vice Pres't. J. W. Foster, Land Commissioner. 
Wm. K. Ackerman, Secretary. Jas. C. Clarke, Master Transportation. 

Directors. 

Ebenezer Lane, } Thomas E. Walker, 

Abraham S. Hewitt, > until I860. J. N. Perkins, ^ until 1862. 

W. H. Oseorn, ) Gtstavus W. Smith, 

Leroy M. Wiley, J> Jonathan Sturoes, 

Franklin Haven, > until 1861. Joseph W. Alsop, J- until 1863. 

P. Choteau, Jr., S Frederick C. Gerhard, 



> until 

} 



NASHVILLE AND NORTHWESTERN RAILROAD. 

From Nashville to Hickman, Ky ., on Miss, river 172 mile3. 

IN progress. 

Estimated cost for preparing road-bed, bridges and 

cross-ties for iron $1,274,000 

Iron rails 1,016,400 

Spikes and chairs 140,000 

Engineering depots, &c 255,800 

Equipment 247,000 

$2,943,200 

or $17,115 per mile. 



394 CAPITALIST'S GUIDE 'AND RAILWAY ANNUAL. 

Means applicable to construction : 

Hickman, Ky., subscription $164,000 

Weakly Co., Tenn., " 180,000 

Carroll " " " 77,000 

Benton « " " 9,000 

Humphries Co. " " 10,000 

Dickson " " " 40,000 

Davidson" " " 358,000 

State aid for bridges 200,000 

" " $10,000 per mile on 157^ miles in Tenn. . 1,575.000 

$2,613,000 

Deficit in subscriptions $324,200 

To meet which, the company is authorized to issue $1,000,000 2d Mortgage 
bonds. 

Amount expended on the road i3 about $800,000 

The work is progressing favorably. 
No report for 1858 received. 



ERIE AND NORTHEAST RAILROAD. 

From Erie, Pa., to New York State line 19 miles. 

Connecting at the latter place with the Buffalo and State Line Railroad, with 
which it has a running arrangement equivalent to a through line from Buffalo to 
Erie ; also, at Erie, with the Cleveland, Painesville and Ashtabula Railway. 
The Sunbury and Erie (in progress) and Pittsburg and Erie (projected) roads 
will, when finished, connect with this line. It is in contemplation to consolidate 
this road with that of the Buffalo State Line Company, permission to that effect 
having been obtained in the spring of 1857 from the Legislature of New York. 

The cost of the road has been $750,000 

Equal to $39,500 per mile. 

Represented by : 

Capital stock paid in $600,000 

Funded debt 100,000 

$700,000 

Of the latter sum $80,000 are held by the Buffalo State Line Railroad Com- 
pany, for the same amount of their bonds, exchanged to relieve the road from 
embarassment. 

No report of earnings for 1858 received. 

OFFICERS. 
John A. Tracy, President. J. C. Spencer, Secretary and Treas'r. 

Directors. 

Jno. A. Tracy, M. Courtright, P. Mitcalf, 

Dean Richmond, I. H. Walker, John Brawley. 

A. Scott, 



YORK AND CUMBERLAND &. VERMONT VALLEY R.R'S 395 



YORK AND CUMBERLAND RAILROAD. 

From Portland to Buxton (Saco river), Me 18 miles. 

Originally designed to connect with the Boston and Maine Railway at Great 
Falls. 

No report published since 1855. 

Cost of road to Saco river $774,717 

or about $43,000 per mile. 

Expended on west end of the line $60,000 

Represented by : $774,717 

Capitalstock $370,000 

1st Mortgage bonds 378,000 

Judgment to J G. Myers 200,000 

Floating debt 70,000 

$1,018,000 

The road is now slowly progressing, and will be extended to Alfred in 1859 by 
Myers & Wood. It was taken from the directors in 1856, and has been, until 
recently, operated by this firm, who have a contract for building the whole line, 

Sayable, one-half in stock, and one-half in bonds, at $30,000 per mile. Some 
ifficulty has existed between the owners of the franchise and contractors about 
the price agreed upon, and it is understood the line would have been completed 
sometime since with local and municipal aid, if the road had been restored and 
the old contract annulled. In its present condition, it has no advantages for 
revenue, and is much embarrassed in its finances. 

The road is now operated by John Hosie. The officers and directors have not 
had possession since 31st March, 1856. 

OFFICER. 
Jabez C Woodman, President. 



VERMONT VALLEY RAILROAD. 

From Bellows Falls to Brattleboro' 24 mile*. 

Connecting at Bellows Falls with the Rutland and Burlington Railway. 

Cheshire 
« « Sullivan 
'* Brattleboro' " Vermont and Mass. " 

Conn. River 
No report received. 

Cost of road $1,301,455 

or $54,227 per mile. 

OFFICERS. 
Hugh H. Henry, President. Madison Sloat, Superintendent. 

Directors. 
H. H. Henry, R. B. Mason, Joel Page, 

Alex. Hamilton, Jr. , Charles Chapin, Madison Sloat. 

G. R. J. Bowdoin, 



396 capitalist's guide and railway annual. 



JACKSONVILLE AND SAVANNAH RAILROAD. 

(projected.) 

From Jacksonville, in Morgan Co., to Savannah, 111 230 miles. 

Savannah is in Carroll County, and situated about 12 miles above Fulton City 
— the terminus of the Chicago, Iowa and Fulton Branch Line Railroad. The 
Western terminus of the Racine and Miss. Railway is at Savannah. That 
portion of the line from Liverpool, on the Illinois river, to the crossing of the 
Chicago, Burlington and Quincy Railroad, in Stark county, is under contract, 
and runs through a rich agricultural section of the State. 

The following means are at the command of the company : 

Individual subscriptions $297,600 

Corporate ** 150,000 

$447,600 

The cash cost per mile, for grading, bridging, masonry, ties, 
track laying, cattle guards and road crossings, by contract with 
Messrs. Farwell & Babcock, between these two points, is $6,500 
per mile. 59 miles, at $6,500 is $383,500 

This leaves for discount on corporate subscriptions, right of way, 
engineering, &c $64,000 



OFFICERS. 

W. A. Dickerman, President. Thompson Maple, Treasurer. 

J. H. Stipp, Vice President. Henry J. Vaughn, Chief Engineer. 



EAST TENNESSEE AND VIRGINIA RAILROAD. 

From Knoxville to Bristol, Tenn 130 miles. 

Connecting at Knoxville with the East Tennessee and Georgia Railway. 
" " " Knoxville and Kentucky (in prog.) " 

" " " Blue Ridge " " 

" Bristol " Virginia and Tennessee " " 

This, with the latter road, forms a great portion of the upper line from the sea- 
board to the mountains, and is a part of the new mail route opened from Wash- 
ington to New Orleans. This is an important link in the chain of roads that is to 
form the great central air line through the centre of the Union, commencing at 
Alexandria, Va., and terminating at New Orleans. The company have had 
many trying adversities to contend with from the beginning, and more particu- 
larly during the financial crisis of 1857. The road is just now in a fair condition 
for traffic, but the company are somewhat embarrassed with a floating debt, about 
one-half of which is due to contractors. As it is not probable that the road can 
earn for the current year of 1859 an amount sufficient to meet the interest upon 



EAST TENNESSEE AND VIRGINIA RAILROAD. 



397 



the whole debt of the company, the stockholders will most likely be reluctant to 
advance the means for that purpose. The finances of the company have been 
such, that the interest coupons, due in New York on the 1st January, upon the 
unendorsed bonds, were not promptly paid. The bonds endorsed by the State 
were, however, punctually paid. The road possesses real merits, and will doubtless 
be a paying concern with proper management, having more than ordinary advan- 
tages for revenue. 



« 


BALANCE tHEET. 




Fiscal Year ending June 30, 1858. 




Dr. 


Office, Jonesboro', Tenn. 


Cr 


1. Cost of road 

2. Cost of equipment 

3. Real estate not in con- 

struction account 


$2,529,418 j 
117,512 j 

139,566 | 

2,945 

6,000 

104,484 

71,495 

39,071 

24,110 

500 

2,500 

3,500 
839 


Capital stock 

4. State of Tennessee 

5. Bonded debt. 

6 Floating debt 

7. Income account 


$629,800 

1,802,000 

166,950 

407,659 

35,531 


Sinking fund 

Due from stockholders . . 

" Banks 

** " Agents 

" " Individuals . . . 

Bonds of Jefferson Co.. 

M Wash'gton Co. 

" (1st Mortgage) of 

this company . . 

Cash...... 








$3,041,940 


$3,041,940 



1. Graduation, masonry, bridges, &c $1,012,639 

Iron rails, chairs, spikes, turn-tables, &c 1,056,552 

Tracklaying, expense of iron and equipment 87,705 

Land damages 22,154 

Salaries and all expenses 100,125 

Interest and discount 249,176 

Insurance 1,067 

$2,529,418 

or $19,457 per mile ; including equipment and depot buildings, $21,434 per mile. 

2. Consists of 10 Locomotives ; 13 Passenger and Baggage, 90 Freight and 5 Ser- 

vice cars. 

3. Consisting of 20 Depots, 2 Engine Houses, 12 Wood and Water Stations, 2 Re- 

pair Shops, 1 Machine do, 3 Flag Stations, and 6 Turn- Tables. 

4. Direct bonds of the State $1,602,000 

Bonds of the company endorsed by the State 200,000 

$1,802,000 

5. let Mortgage bonds (after State lien) $100,000 

Bonds, redeemable in stock of company 66,950 

$166,950 

6. Bilk Payable $151,461 

" with coupons 3,750 

" for interest on stock bonds , . . . 3,781 

" for freights, &c 457 

Due contractors 232,963 

Accounts payable in stock bonds 12,255 

Credit of sundry persons for retained per eentage. . . 2,992 

$407,659 

34 



398 capitalist's guide and railway annual. 

7. Transportation earnings to June 30 $73,816 

Profits on exchange sold . 29,633 

Rents. 310 

$103,759 
From which deduct amount debit profit and loss. 68,228 

$35,531 

BUSINESS OF THE ROAD FOR THE PAST TWO YEAR?. 

10 m«a. ending 12 vws. ending 
Nov. 1, 1857. Nov. 1, 1858- 

Gross receipts $71,564 $191,198 

Expenses 31,466 95,967 

: Net earnings $40,098 $95,231 

In 1857 there was in operation 102 miles. 

In May , 1858, the road was completed, and the whole line opened for traffic 
early in June. The usual comparisons of the operations of the road cannot be 
here given with any accuracy, on account of a change in the fiscal year, and the 
whole line being opened but for a few months. The estimate for 1859 is $340,000 
gross, and $170,000 net. Since the report was made up, the company's 2d Mort- 
gage bonds, due in 1868, have been sold or exchanged for a portion of the float- 
ing debt, aiuouuting to $125,000. 



OFFICERS. 

S. B. Cunningham, President. Jno. Keyes, Secretary and Treasurer. 
A. G. Gkaham, President pro tern. . M. S. Temi'le, Superintendent. 

Directors. 

"S. "B. Ccnnwoham, R. P. Rhea, Wm. Brazelton, 

A. G. Graham, D. Kennedy, Wm. H. Moffett, 

Wm. P Kkkvks, E. Davis, B. F. McFarland, 

John White, R. H. Davis, Wm. Houston, 

Sami,. 1?tij:\, O. Boaz, Wm. Moulden. 



PETERSBURG RAILROAD. 

Main line, from Petersburg, Va. , to Weldon, N. C 64 miles. 

Gaston Branch, from Hicksford to Gaston 18 ** 

Total length 82 miles. 

Connecting at Petersburg with the Richmond and Petersburg Railway. 

South Side (for Lynchburg) " 

" " " Norfolk and Petersburg " 

South Side (for City Point) " 

" Gaston " Raleigh and Gaston " 

" Gareysburg " Seaboard and Roanoke " 

" Weldon " Wilmington and Weldon " 

This road was opened for traffic in 1836, and was originally laid with the strap 
rail. In its infancy, like all new roads, it had many reverses, but has survived 
them all, and may now be regarded as one of the best situated lines in the Union, 
bofch«s regards revenue and the soundness of its finances 



PETERSBURG RAILROAD. 



399 



Dividends in 1857, 4 per cent. ; 1859, 5 per cent. Surplus profits. $2(i8,086 — 
equal to 30. ,35 per cent, upon the par value of the stock. 



Dr. 



BALANCE SHEET. 
Fiscal Year ending December 31, 1858. 
Petersburg, Va. 



Cr. 



1. Cost of road 

2. Cost of equipment 

Materials and fuel 

Debts due to the com- 



pany 

3. Cash means. 




Capital stock.. 

4. Bonded debt.. . 

5. Floating debt. . 
Profit and loss 



1. Road proper, with depots and stations, $12,058 per mile 

$14,406 per mile. 

2. 14 Locomotives 

17 Passenger and Baggage, 111 Freight. 16 Service 
cars, 3 Passenger Omnibusses, and 1 Baggage 
wagon, & c 



3. In Bank of Virginia 

" Exchange Bank, Virginia 

"Farmers' " " 

" Savings' " (on interest). 
Uncollected revenue 



$883,200 

127,427 

34,344 

268,0,86 



$1,313,057 



including equipment, 
$93,550 



99,390 

$14,584 

17,948 

21,186 

20,000 

9,642 



$192,940 



4. 7 per cent, bonds, due from 1863 to 1872, 
Scrip dividend of 1854, due in 1864 



5. Due to railroad companies 

" employees, &c, after January 1, 1859. 
Unclaimed dividends, &c 



$103,000 
24,427 

$5,706 

27,969 

669 



$127,427 



$34,344 



Dr. 




INCOME ACCOUNT. 




C*. 




1857. 


1858. 


Gross earnings. . . 


1857. 


1858. 


Operating expen- 


$140,213 

7,341 

35,328 

102,782 


$124,903 

9,687 

49,135 

127,263 


$285,664 


$310,988 


Tnterest 




Dividends 

Surplus earnings.. 






$285,664 


$310,988 


$285,664| $310,988 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 



Fiscal year ending December 31 1857. 

Gross receipts $285,664 

Operating expenses 145,213 

Net earnings $145,451 



1858. 
$310,988 
124,903 



Inc. $25,324 
Dec. 15,310 



$186,085 Inc. $40,634 



400 capitalist's guide and railway annual. 

Increase in gross receipts in 1858, 8,, 85 per cent. 
" net earnings " 28,, u 

1857. 1858. 

Net income from gross receipts, per cent 50„85 59,,83 Inc. 8„98 

" on cost of road, per cent 12„32 15„76 " 3„44 

for stockholders, " 12„31 15„11 « 2„80 

Net earnings on length of road, per mile $1,651 $2,268 " $617 



OFFICERS. 

Wh. T. Joynes, President. D. G. Botts, Treasurer. 

C. 0. Sanford, Superintendent. 

Directors. 

¥m. T. Joynes, John Key an, D. B. Tennant, 

A. G. McIllwaine, Robert Leslie, R. A. Martin. 



HEMPFIELD RAILROAD. 

From Wheeling, Va., to Greensburg, Pa 76 mile*. 

In operation, from Wheeling to Washington, Pa 35 miles. 

In progress " Washington to West Newton 21 " 

Located " West Newton to Greensburg 20 B * 

Total 76 miles. 

This road, when completed to Greensburg, will shorten the distance to Wheel- 
ing 53 miles — that from Greensburg to Pittsburg over the Pennsylvania railway 
being 31 miles, and that from Pittsburg to Wheeling 98 miles by river ; total, 129 
miles. In the transmission of freight this is an important connecting road for the 
Pennsylvania, as loaded cars could run directly to Philadelphia from the Ohio 
river. 

Total cost of road to Dec. 31, 1858 $1,388,168 

or $39,662 per mile. 

No report for 1858 received. 



WESTERN VERMONT RAILROAD. 

From North Bennington to Rutland, Vt 52 miles. 

Connecting at North Bennington with the Trov and Boston Railway. 

" Rutland " Rutland and Burlington Railway. 

This road is operated by the Troy and Boston Railroad Company, having been 
leased to said company by the trustees of the 1st Mortgage bonds early in 1857, 



RICHMOND, FREDERICKSBURG & POTOMAC R. R. 401 

for a period of ten years, for $30,000 for the first year and $36,000 for each suc- 
ceeding year. Like all Vermont roads, its finances have been so embarrassed as 
to bring it, in common with other companies, to the verge of bankruptcy. 

Its original cost (including 10 miles of branches), was $1,083,500 

or, for 62 miles of road; $17,476 per mile. 

Represented by : 

Capital stock, paid in $332,000 

let Mortgage bonds, 1861 700,000 



$1,032,000 



C. M. Davy, Receiver. 
Office, Rutland, Vt. 



ETOWAH RAILROAD. 

From Etowah (Cass county) to Etowah Station, on W. & A. R. R.. . 9 miles. 

This road was completed on the 19th October, 1858, and has cost about $112,500, 
or $12,500 per mile. It was built mainly through the exertions of its president, 
who has large interests in Etowah, a place of some considerable importance as a 
manufacturing town. 



OFFICER. 
Hon. Mark A. Cooper, President. 



RICHMOND, FREDERICKSBURG AND POTOMAC RAILROAD. 

From Richmond to Acquia Creek, Va 76 miles. 

Connecting with the Potomac Steamboat Company's boats for Washington 
City. • 

It also connects at Richmond with the Richmond and Danville Railway. 

" « <« « i« Petersburg " 

" " " " " and York river Railway. 

" M Junction " Virginia Central " 

" Fredericksb'g " Fredericksburg and Gordonsville M 
" Alexandria " Orange and Alexandria " 

" " " Manassas Gap " " 

" " " Alexandria, E. and Hampshire " 

" " Washington and Alexandria " 

" " Washington City with the Baltimore and Washington ** 

34* 



402 capitalist's guide and railway annual. 

This road was chartered in 1834, having the exclusive privilege to carry passen- 
gers from Richmond to Washington City for 30 years. The extension of the Vir- 
ginia Central (formerly the Louisa road) from the Junction into the city of Rich- 
mond, and the intersection of the same line by the Orange and Alexandria road 
at Gordonsville, it is claimed, constitutes a railway line in direct opposition to the 
38th section of the charter of this road ; and by the sale of tickets at each of the 
terminal points, it is deprived of the enjoyments of its rights under the act of 
incorporation. The commonwealth is an owner in the three roads referred to, and 
in granting aid to the different lines of railways, was actuated by an enlightened 
public spirit in fostering such works, without contemplating an infringement 
upon the chartered rights of this company. Upon the completion of the Lynch- 
burg extension from Charlottesville, passengers from Washington going beyond 
Richmond will most likely be set down at Lynchburg, thus ending the controversy 
to some considerable extent. 

The financial condition of the company is very satisfactory ; its net earnings, 
however, are being used for the relaying of different portions of the road with 
new and heavier rails, thus borrowing from the shareholders the profits, and issu- 
ing to them for dividends, certificates of debt, bearing interest payable in 10 
years — redeemable sooner at the pleasure of the company. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending April 1, 1858. 
Office. Richmond, Va. 



Cr. 



Cost of voad 

Debts due to the com- 
pany 

Stock of this company. . 

Potomac steamboat 
stock 

Potomac steamboat b'ds 

Cash 



$1,985,579 

113,610 

1,000 

27,800 
25,000 
30,243 



$2,183,232 



3. Capital stock $1, 

4. Bonded debt ! 

5. Floating debt \ 

Surplus income 



680,115 
116,550 
352,967 



$2,183,232 



1. Road from Richmond to Acquia Creek, including 

equipment, real estate, &c $1,531,238 

Cost of uew superstructure 452,109 

Survey to Manassas and Quantico 2,322 

or $26,474 per mile. 

No details of equipment in report. 

2. Bills Receivable $62,088 

Accounts 49,702 

Individuals on new stock 1,820 

3. Subscribed by State Virginia, old stock $275,200 

" " Individuals, " 424,800 

" " " new stock 300,000 

Guaranteed stock 33,600 

4. £67,000 Sterling bonds, due 1860 $324,006 

Convertible « " 1875 54,500 

Certificates of debt, " 1857, issued for divid'ds. 35,800 

" 1869, " « 265,809 



$1,985,579 



$113,610 



$1,033,600 



),615 



WILLIAMSPORT AND ELMIRA RAILROAD. 



403 



5. Accounts $25,996 

Bills Payable 71,457 

Unpaid dividends and interest 19,097 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending April 1 1857. 1858. 

Gross receipts... $232,172 $269,126 

Expenses.. 111,960 123,470 

Net earnings $120,212 $145,656 

Increase in gross receipts in 1858, 16 per cent. 
" net earnings " 21 " 

1857. 1858. 

Net income from gross receipts, per cent. 51, ,84 54„15 

on cost of road, per cent 6„07 7„35 

for stockholders, per cent 8„35 10„89 

Net earnings on length of road, per mile $1,602 $1,942 



$116,550 



Inc. $36,954 
" 11,510 

" $25,444 



Inc. 



2„31 
1„28 
2„54 

$340 



OFFICERS. 
Edward Robinson, President. C. W. Macmurdo, Sec'y and Treas'r. 



R. W. Haxall, 



J. B. Winston, Superintendent. 
Directors. 

G. A. Myers, 
Charles S. Mills, 

State Director. 
Hon. J. S. Caskie. 



Geo. W. Munford. 



WILLIAMSPORT AND ELMIRA RAILROAD. 



From Williamsport, Pa., to Elmira, N. Y 78 miles. 

Connecting at Williamsport with the Catawissa, W. and Erie Railway. 
" " " Sunbury and Erie " 

" Elmira " New York and Erie " 

" " " Canandaigua and Elmira " 

It is over this road that passengers from Baltimore and Philadelphia can reach 
Niagara Falls, or the Northwestern States and Canada, in as short time as those 
starting from New York or Boston. The coal tonnage over this road, from the 
Shamokin region to the northern markets, is an important item of traffic, and 
must steadily increase. The track and rolling stock are in good order ; and al- 
though the finances of the company were troublesome and hurtful to the credit of 
the corporation, yet the directors have managed to reduce the floating debt 
$209,080 by offering to its holders such securities as were held as collateral. The 
interest upon the mortgage debt is punctually paid, and the credit of the company 
is gradually becoming established on a more firm foundation than at any period 
since the completion of the road. 

No dividends have ever been paid. 



404 capitalist's guide and railway annual. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending April 30, 1858. 

Office, Philadelphia. 



Cb. 





$3,304,000 
380,847 

158,404 ! 

22,973 i 
8,970 1 
2,414 

51,426 j 

$3,929,034 


Capital stock 

1 6. Bonded debt 


$1,500,000 

2,039,000 

390,034 


2. Cost of equipment 


3. Real estate not in con- 

struction account 

4. Materials and fuel 

Telegraph 

Cash 


7. Floating debt 








$3,929,034 



1. Equal to $42,360 per mile ; including equipment and real estate, $49,276 per 
mile. 



2. 15 Locomotives 

13 Passenger and Baggage, 239 Freight, 400 Coal and 
32 Service cars 



3. Elmira Basin property 

Williamsport Basin property , 
Williamsport shop " 



4. Shop materials. 
Fuel 



5. Bills receivable. . . 
Sundry securities. 



6. 1st Mortgage bonds 

2d " " 

Chattel Mortgage bonds. 



7. Bills Payable 

Postponed debt and loans. 
Accounts 



$150,316 
230,531 

$74,797 
40,220 
43,387 

$6,973 
16,000 

$1,860 
49,565 

$1,000,000 
700,000 
339,000 

$327,529 
52,052 
10,453 



$380,847 

$158,404 
$22,973 
$51,425 

$2,039,000 

$390,034 



Dr. 



INCOME ACCOUNT. 



Cr. 



Operat'g expenses. 

Interest on bonded 
debt 

Expenses Phil, of- 
fice 

Depreciat'n in coal 
on hand. . . 

Insurance... 

Balance 



1857. 


1858. 


$117,095 


$108,452 


147,500 


125,869 


8,575 


9,840 


26,907 


5,925 
2,336 

4,777 


$300,077 


$257,199 



Balance 

Gross earnings.. . 
Profit on securities 
Other receipts 



1857. 



$274,5?4 
12,273 
13,250 



$26,907 
228,520 

1,772 



$300,077 $257,199 



MINERAL POINT RAILROAD. 405 

BUSINESS OF THE ROAD BUB THK PAST TWO YEARS. 

Fiscal year ending May 1 . ■ 1857. 1858. 

Gross receipts f 274,554 $228,520 Dec. $46,034 

Expenses 117,095 108,452 " 8,645 

Net earnings $157,459 $120,068 " f 37,391 

Falling off in gross receipts in 1858, 17 per cent. 
Decrease in net earnings in 1858, 24 " 

1857. 1858. 

Net income from gross receipts, per cent 57,.46 52„65 Dec. 4„8l 

" on cost of road, per cent 4„25 3„24 " 1„01 

" for stockholders, " 1„80 „32 " 1„48 

Net earnings on length of road operated, per 
mile $2,019 $1,540 " $479 



OFFICERS. 

Thos. Kimber, Jr., President. Wm. C. Longsxreth, Sec'y & Treas. 

J. A. Redfield, Superintendent. 

Managers. 
Thos. Kimber, Israel Morris, Alexander S Divem, 

Saml. V. Merrick, Albert Worrell, Joseph S. Perot. 

Wm. D. Lewis, 



SHEBOYGAN AND MISSISSIPPI RAILROAD. 

(IN progress.) 

From Sheboygan to Fond du Lac 40 miles. 

To connect with the Chicago, St. Paul and Fond du Lac Railway, and steamers 
on Lake Winnebago. Five miles were opened from the lake to Sheboygan Falls 
on the 17th January, 1859. The track will be completed to Glen Beulah in May, 
the iron being secured for that purpose. The city and county of Sheboygan have 
subscribed liberally to the road, and are willing to advance the interest upon their 
bonds until the road is completed and in possession of revenue from earnings. No 
estimate of the cost of the road or its resources. The contractors are E. Apple- 
ton & Co. 



MINERAL POINT RAILROAD. 

From Warren, 111., to Mineral Point, Wis 32 miles. 

Connecting at the former place with the Illinois Central Railway. By an 
agreement to throw all its business over the Illinois Central and Galena and Chi- 
cago roads, the two latter companies have guaranteed an annual income of 
$56,000, and its trains run over the two roads into Chicago. 



406 capitalist's guide and railway annual. 

The cost is represented to be about $1,000,000 

equal to $31,250 per mile. 
Represented by : 

Capital stock $420,000 

1st Mortgage, 8 per cent, bonds, $10,000 per mile 320,000 

2d " 8 " " 300,000 

$1,020,000 

$150,000 additional 2d Mortgage bonds are deposited with the county treasurer 
of Iowa county, Wisconsin, for $150,000 of the county bonds, and a special tax is 
laid by the county for the prompt payment of the interest. 



QUAKAKE RAILK0AD. 

Uniting the Beaver Meadow Railway (at the east end of Spring 
mountain), with the Catawissa road, at Summit Station, Pa., — 
length 14 miles. 

Distance from Mauch Chunk to Summit Station 28 " 

This road was opened for business in September, 1858. It runs along the foot 
of Spring mountain, following the course of Quakake creek, and is one of the 
most important connecting links in the State, opening as it does for New York a 
portion of the State, the trade of which has hitherto been tributary to Philadel- 
phia. It also opens to the Central road of New Jersey the vast Mahanoy coal 
fields. 

Cost $320,000 

or $22,857 per mile. 



PITTSBUEG AND STEUBENVILLE EAILR0AD. 

From Pittsburg to Steubenville, Ohio 42 miles. 

Connecting with the various roads diverging from Pittsburg, and the Steuben- 
ville and Indiana Railway at Steubenville. This road is completed to Paris, 31 
miles. The company have for the past four years struggled against a good many 
adversities, and with the loss of credit have been unable to complete the road to its 
western terminus. 

No report for 1858. 

The amount expended to 1857 has been $1,947,462 

or $62,827 per mile. 

Derived from the following sources : 

City of Pittsburg $550,000 

County of Alleghany 500,000 

Individuals 202,784 

$1,202,784 

1st Mortgage bonds, 1865 800,000 

$2,902,784 



GREENVILLE AND COLUMBIA RAILROAD. 



407 



The road is leased to King &; Thompson for 20 years, with the understanding 
that it should be operated by the Pennsylvania Railroad Company when finished. 
Its finances are in an embarrassed condition, the company owing large sums bor- 
rowed upon hypothecation of city and county bonds, many of which have been 
sold at ruinous prices. The repudiating spirit of the city of Pittsburg and county 
of Alleghany having destroyed the value of their bonds, renders their securities 
worthless in the possession of any railway company, thus creating an additional 
embarrassment. 



Isaac Jones, President. 



Isaac Jones, 
Richard T. Leech, 
N. G. Murphy, 
J. S. Cosgrove, 



OFFICERS. 

S. F. Ton Bonharst, Sec'y & Treas'r. 



Directors. 

R. H. Marshall, 
Wm. Phillips, 
J. Schoonmaker, 
M. B. Brown, 



R. F. Smyth, 
W. Perkins, 
M. K. Moorhead, 
A. McClintock. 



HOME (GEORGIA) RAILROAD. 

From Kingston (on Western and Atlantic Railroad), to Rome 20 miles. 

Connecting at Kingston with the Western and Atlantic Railway, and steamboats 
on the Coosa river. 



Cost of road 

or $12,500 per mile. No debt. 

This road pays regular dividends, ranging from 8 to 12 per cent. 



$250,000 



W. R. Smith, President. 



OFFICERS. 

W. S. Cothran, Superintendent. 



GREENVILLE AND COLUMBIA RAILROAD. 

Main line, from Columbia to Greenville, S. C 144 miles. 

Abbeville Branch, from Cokesbury to Abbeville C. H 12 " 

Anderson " " Belton to Anderson C. H 10 " 

Total length 166 miles. 

Amount expended on road and branches, including real estate and 

rolling stock, is $2,755,873 

equal to $16,600 per mile. 



408 capitalist's guide and railway annual. 

Represented by : 

♦Capital stock paid in ... . $1,358,938 

Funded debt 1,026,500 

$2,385,438 

* Of which the State owns $348,100. 

Net earnings in 1857 $147,781 

equal to 5„38 per cent, upon the cost of the road, and $890 per mile operated. 

No report for 1858 received. 

OFFICERS. 

Thos. P. Perrin, President. J. P. Southern, Treasurer. 

C. V. Carrington, Secretary. E. F. Ra worth, Superintendent. 

Directors. 

Vardy McBee, J. F. Livingston, Thos. Cox, 

Simeon Fair, Jno. M. Allen, J. N. Whitner, 

Robt. Stewart, Hon. Jno. Belton O'Neale, Charles Smith, 

J. P. Reed, Hon. C. G. Memminger, Danl. Blake. 



LAFAYETTE AND INDIANAPOLIS RAILROAD. 

From Indianapolis to Lafayette, Ind 64 miles. 

Connecting at Indianapolis with the several lines diverging from that city, and 
at Lafayette with the New Albany ana Salem; and Toledo, Wabash and West- 
ern Railways. 

This is one of the few close corporations of Indiana. The company do not issue 
or publish reports of the condition of the road or finances, and the compiler has 
been unable to get any information whatever that will throw light upon the inter- 
nal affairs of the company. The cost of the road is about $1,850,000, equal to 
$29,000 per mile. No definite idea can be given of the gross receipts or expenses 
for operating the road, beyond the ability of the company to pay dividends of 7 
per cent, annually, and provide promptly for the interest on its bonds, most of 
which are owned in Europe. The company is in good credit at home and abroad, 
and with the exception of omitting annual published reports— necessary to inspire 
confidence in corporate credits of every description — the road has been and con- 
tinues to be well managed. 



OFFICERS. 

Wm. F. Reynolds, President. Wm. C. Sherwood, Secretary. 

A. S. White, Vice President. Cyrus Ball, Treasurer. 

Directors. 

Wm. F. Reynolds, Joseph Hannah, Owen Ball, 

A. S. White, M. L. Pearce, H. G. Hazelrioo, 

James Spears, Jno. L. Reynolds, Moses Fowler, 

Cyrus Ball, Robert Stockwell, Wm. Zion. 

James Blake. Sen., 



CATAWISSA, WILLIAMSPORT AND ERIE RAILROAD. 409 



CATAWISSA, WILLIAMSPORT AND ERIE RAILROAD. 

From Summit to Milton (on Sunbury and Erie R. R.) 60 miles. 

Connecting at Summit with the Little Schuylkill Railway. 

" Rupert " Lackawanna and Bloornsburg Railway. 

" Milton " Sunbury and Erie " 

Trains run through from Philadelphia to Elmira, making close connections 
with the Williamsport and Elmira Railway at Williamsport, 27 miles north of 
Milton. 

No report for 1858 received. 

This road, judging from the report of 1857, possesses elements for a much 
larger and more satisfactory business than resulted from the operations of 1857, 
which may be said was the first year that its equipment and connections were 
adequate to its trade. The coal business over this road, as a tributary to the 
New Jersey Central, was then hardly begun, owing to the want of the connect- 
ing link in the Quakake road, which has since been supplied, and is leased to this 
corporation. About 60 per cent, of its revenues is derived from freight, of which 
iron rails moving north and lumber south were important items. 

The company has met its interest promptly, but has never paid dividends. 



Fiscal 



Dr. 



BALANCE SHEET. 
Year ending August 31, 1857. 
Office, Philadelphia. 



Cr. 



Cost of road 

Cost of equipment 
Materials and fuel 
Debts due to the com 

pany 

Stock and bonds 

Cash 

Loss on the year's busi- 



$3,518,785 Capital stock. 

364,571 2. Bonded debt , 
20.360 3. Floating debt , 




$1,700,000 

1,970,000 

403,152 



$4,073,152 



1. Equal to $55,853 per mile ; including equipment, $61,640 per mile. 



2. 1st Mortgage 7 per cent. 
Income " " 

10 per cent. Chattel Mort 
plain 



bonds, due in 1865 $1,500,000 

" 1886 223,500 

. " " 1871 166.500 

" 1867 75,000 



J. BillsPayable $330,821 



Accounts . 

Wages, material bills and connecting roads. 

Coupons, Nov. 1, 1857 



Operations of the road in 1857 : 

Gross receipts for the year ending Aug. 31. 

Expenses of road 

Rent of other roads.... 



35,912 
24,994 
11,425 



$189,662 
81,811 



$1,970,0C0 

$403,152 

$379,309 



Leaving net earnings 



35 



271,473 

$.07,886 



410 

The annual interest on funded debt is $143,780 

" balance of interest against the company is 17,852 

Total interest $161,632 

Deduct net earnings 107,836 

Net loss in operating the road $53,796 

Net income from gross receipts 28,,38 per cent. 

" on cost of road 2„80 " 

Deficiency of income from traffic to meet interest, expenses and 

rent of other roads, upon capital stock 3,, 16 " 

Net earning? on length of road $1,712 per mile. 



OFFICERS. 

Thomas Kimber, Jr., President. Joseph R. Paxton, Secretary. 

Wm. R. Fisher, Treasurer. H. A. Fonda, Superintendent. 

Managers. 

Saml.. V. Mekrick, Joseph B. Myers, Edward M. Davis, 

M. R. Haulowell, David Salomon. Joseph Paxton. 



CHICAGO, ST. PAUL AND FOND DU LAC RAILROAD. 

From Chicago to Appleton 213 miles. 

Finished, from Chicago to Janesville 91 miles. 

Partially graded, from Janesville to Junction L. & M. 

Railroad 56 " 

Finished, from La Crosse Junction to Oshkosh 47 " 

In progress, from Oshkosh to Appleton 19 " 

Total length 213 miles. 

This road connects at Chicago with all the railways diverging from that city. 
" " Junction with the Chicago and Milwaukee Railway. 

" " Crystal Lake " Fox River Valley 

" " Harvard " Kenosha and Rockford " 

" " Clinton " Racine and Miss. " 

" " Janesville " Milwaukee and Miss. " extend- 

ing to Madison and Prairie du Chien, where it meets with 
steamers for St. Paul and Dubuque. 
" " La Crosse Junction with the La Crosse and Milwaukee 

Railway. 
" " La Crosse Junction with the Milwaukee and Horicon Rail- 

way. 
11 Oshkosh with the Winnebago Lake and Green Bay steam- 

boats. 

In order to carry out the design of its projectors, this company must unite the 
two portions of their line in operation by completing the 56 miles of road between 
Janesville and La Crosse Junction, in Dodge county. This is an important con- 
necting link, and when finished will materially increase the revenue of the road. 

Unfortunately, however, while attempting its construction and the finishing of 
that portion between Fond du Lac and Appleton, necessary to secure the land 



CHICAGO, ST. PAUL AND FOXL- DU LAC RAILROAD. 411 

grant, the company were overtaken by the financial crisis of 1857, from the effects 
of which it has never recovered. 

The total liabilities of the company are as follows : 

Capital stock paid in $4,250,000 

1st Mortgage 7 per cent, bonds (on road between Chi- 
cago and Janesville) 3,000,000 

2d Mortgage 8 per cent. Land Grant bonds (1st on re- 
mainder of line, and 2d on road between Chicago 

and Janesville) 3,000,000 

Real estate 8 per cent, bonds 350,000 

Builders' and tax lien on engines 80,000 

Debt due to Winslow, Lanier & Co 150,000 

Floatingdebt 2,500,000 



To which must be added : 

Accrued interest on 1st Mortgage bonds to Feb. 1, 1859. $432,180 

2d " " Mayl, « 480,000 

real estate " Feb. 1, " 56,000 



$13,330,000 



$968,180 

$14,298,180 
Estimated cost to complete the road from Janesville to 
La Crosse Junction 600,000 

Total cost of 194 miles of road $14,898,180 

equal to $51,021 per mile. 

From which deduct 1st and 2d Mortgage "Bonds, deposited as collat- 
eral security for a large portion of the floating debt $5,000,000 

Total cost of 194 miles road $9,898,180 

A very large amount of the 2d, and some of the first Mortgage Bonds have been 
sacrificed by parties to whom the loans were due, while others have obtained pos- 
session of the company's securities without scarcely any consideration, and leav- 
ing a large amount of the floating debt unsettled. 

Of the outstanding floating debt, which includes bills payable, 10 year bonds, 
Fond du Lac bonds, sums due on the line of road for land damages, cattle dam- 
ages, materials, &c, a reduction of about $1,250,000 is estimated from the securi- 
ties (some of which are pledged and others sold to meet these liabilities) of all 
kinds belonging to the company. 

The road is now operated by the trustees of the 8 per cent, mortgage, but the 
receipts from traffic only permit the payment of running expenses, and the repairs 
of the road and rolling stock. The interest on its bonds remain unpaid, and none 
of the claims against the company for materials or labor, incurred sometime since, 
are satisfied with money. The company has been hopelessly insolvent since the 
crisis of 1857. 

Thus embarrassed, and unable to complete the 56 miles that is to unite the two 
ends, or pay the interest on its secured debt, the road was about to be sold by the 
trustees, when a plan was agreed upon to reorganize the company, and furnish it 
with the necessary means to finish the road If these means were forthcoming in 
cash, it could be done by the 1st September, 1859, and in time for the fall busi- 
ness. North of Oshkosh, only two and a half miles of track is required to be 
laid to complete the first division of 20 miles of the land grant road. 

To meet the present necessities of the companv, there is needed the sum of 
$830,000, as follows : 

To complete the road from Janesville to La Crosse Junction $600,000 

" discharge the debt to Winslow, Lanier & Co 150,000 

" builders' and tax lien on engines 80,000 

Total $830,000 



412 



It is proposed that the road and appurtenances shall be bought by agents of the 
subscribing bondholders, a new company organized, and the stock created and se- 
curities made shall be distributed as follows ! 

1st. New bonds for $4,500,000 in sums from $100 to $1,000 ; $3,500,000 shall be 
substituted for the present first mortgage bonds and coupons, and $1,000,000 shall 
be for the completion of the road, and the discharge of special liens upon the 
equipment, &c. The $3,500,000 shall be payable in New York at twenty-five 
years from the 1st of August, 1860, with interest from the 1st of August, 1860 ; 
the $1,000,000 shall be payable at such times as shall hereafter be fixed, with in- 
terest from the 1st of August, 1859. The interest shall be seven per cent., paya- 
ble semi-annually in New York. The one million dollars shall be entitled to pri- 
ority under the same mortgage, and to the benefits of a sinking fund to be therein 
provided. The whole of the said bonds shall be secured by a first mortgage upon 
the franchises of the corporation, the railroad from Chicago to a point twenty 
miles north of Fond du Lac, or if deemed advisable, to Oshkosh, and its equip- 
ment and appurtenances, whether now possessed or hereafter acquired. 

2d. Bonds shall also be created for $2,000,000, payable in 30 years from Novem- 
ber 1st, 1860, with interest at six per cent, from that date, to be secured by a 
second mortgage on the road and property before mentioned. 

3d. Stock shall be created to an amount adequate to the requirements herein- 
after expressed. 

4th. A special stock of two classes, bond stock and land stock, to an amount re- 
quired by the provisions hereinafter contained, which stock shall be inseparably 
attached to the bonds and land certificates, and shall entitle the holder thereof to 
vote at all meetings equally with other stock, but shall not entitle the holder to 
dividends, or be subject to assessment. 

/. First Mortgage Bondholders. 
Holders of the present first mortgage bonds of the company, acceding to this 
plan and performing all its conditions, shall be entitled to its benefits, viz : 

1st. They shall subscribe at par for bonds (parcel of the $1,000,000 included in 
the first mortgage to be made) to an amount equal to ten per cent, on the par 
value, and pay the said subscription at the times and in the manner to be provid- 
ed in pursuance hereof. 

2d. They shall surrender or assign, as they may be required, to persons designat- 
ed for the purpose, the bonds so held by them and the coupons issued therewith 
and remaining unpaid. 

3d. They shall thereupon become entitled to new bonds (parcel of the $3,500,000 
included in the first mortgage), equal in par value to the par value of the bonds 
and coupons, except as to fractional amounts less than the amount of a bond 
issued, for which scrip certificates, not bearing interest until aggregated and con- 
verted into bonds, will be given. 

1th. They shall also become entitled to an amount of the optional bond stock, 
equal to fifty per cent, on the par value of the bonds. 

II. Second Mortgage or Land Grant Bondholders. 

Holders of the present second mortgage or land grant bonds, acceding to this 
plan and performing all its conditions, shall become entitled to its benefits, viz : 

1st. They shall subscribe at par for bonds (parcel of the $1,000,000 included in 
the first mortgage to be made) to an amount equal to ten per cent, on the par 



CHICAGO, ST. PAUL AND FOND DU LAC RAILROAD. 413 

value' of the bonds, and pay the said subscriptions at the times and in the manner 
to be provided in pursuance hereof. 

2d. They shall surrender or assign the bonds so held by them, and the coupons 
issued therewith and remaining unpaid. 

3d. They shall thereupon become entitled to new bonds (parcel of the 
$2,000,000), secured by the second mortgage to be made to the extent of sixty-six 
and two-thirds per cent, upon the par value of the bonds, except as to fractional 
amounts less than the amount of a bond issued, for which scrip certificates, not 
bearing interest until aggregated and converted into bonds, will be given. 

4th. They shall also become entitled to all the rights included in the present 
land grant mortgage in the one hundred and fifty-three thousand six hundred 
acres of land, more or less, to accrue on the completion of the road to a point 
twenty miles north of Fond du Lac, and shall receive as evidence thereof land 
stock certificates not exceeding the nominal amount of $1,800,000, containing 
provisions making the same convertible into said lands, and upon which the hold- 
ers of said stock may vote until so converted, but the same shall not be assessable 
or entitled to dividends. 

5th. They shall also be entitled to an amount of optional bond stock equal to 
fifty per cent, on the par value of the bonds converted as aforesaid, not exceeding 
two millions of dollars in amount. 

III. General or Unsecured Creditor*. 

The general or unsecured creditors, acceding to this plan and performing all its 
conditions, may be admitted to its benefits, viz : 

1st. They shall surrender to persons designated for the purpose their debts and 
all the evidences thereof. 

2d. They shall be entitled to receive stock to the amount of 75 per cent, of the 
amount, principal and interest, to the day of the date hereof ; but in all cases 
where a debt shall have been secured or partially secured by collaterals, the 
rule for the adjustment shall be prescribed by the persons purchasing and acting 
as agents of bondholders upon equitable principles, and the amount to be allowed 
and the terms of said allowance shall be finally determined by them. 

IV. Stockholders. 

Shareholders acceding to this plan, and performing all its conditions, may bo 
admitted to its benefits as follows : 

1st. They shall surrender or assign, to persons to be designated for the purpose, 
the stock which they respectively hold. 

2d. They shall be entitled to receive stock in the new corporation to be created, 
equal to sixty per cent, of the par value of the old stock ; but this provision shall 
only apply to iona /^holders of old stock. 

General Provisions. 

1st. The times for the performance of the conditions of this plan by the several 
classes of first and second mortgage bondholders, creditors and stockholders, shall 
be fixed by the persons purchasing and acting as agents of subscribing bondhold- 
ers; or by the corporation or corporations which may be formed in pursuance 
hereof. On default to perform all the conditions of this agreement, all rights of 
the persons so in default, by virtue of this agreement, shall cease. 

2d. All questions in respect to the construction or effect of any provision of this 
plan shall be submitted to the purchasers or purchaser herein mentioned, and their 
decision shall be final and conclusive ; and they are hereby vested with full power 
to carry out the provisions of this plan ; and in any case which is unprovided for 
by this plan, to supply the defect, and generally to do all acts and things necessary 
to carry out the objects of this plan. 

35* 



414 capitalist's guide and .railway annual. 

3d. All parties must accede to this plan within sixty days from March 1st, 
1859, or they will not afterwards become entitled to its benefits, unless by the 
written consent of the said purchasers or purchaser, except foreign bondholders, 
creditors and stockholders, for whom they shall fix what they may deem to be a 
further reasonable time. 

Samuel J. Tilden and O. D. Ashley are constituted agents to attend to the sale 
of the road under each of the two mortgages, and to bid in the same in behalf of 
the subscribing bondholders. 



J. H. Ransom, 
Wm. B. Ogden, 



Committee. 

Wm. A. Booth, 
0. D. Ashley, 
Charles Butler, 



R. J. Walker, 
Henry H. Boody, 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Sept. 30 1857. 1858. 

Gross receipts $404,580 $404,143 

Operating expenses 285,353 267,206 Dec. $18,147 

Net earnings $119,227 $136,937 

Increase in net earnings in 1858, 14| per cent. 

1857. 1858. 

Net income from gross receipts, per cent. 29„92 34„41 

" on bonded debt, per cent.. . 1,,88 2,, 16 
" on estimated cost to the new 

company of road, per ct. 1„08 1„25 

Net earnings on length of road, per mile. $977 $1,123 



Inc. $17,710 



Inc. 4„49 



„28 

„17 
$146 



OFFICERS. 



Wm. B. Ogden, President. 

S. F. Johnson, Chief Engineer. 



Charles Butler, Treasurer. 
G. L. Dunlap, Superintendent. 



Wm. B. Ogden, 
Perry H. Smith, 
Geo. W. Washburn, 
Masos C. Darling, 



Directors. 

A. L. Pritchard, 
Winslow Blake, 
A. Winslow, 
J. J. ft. Pease, 
Henry Smith, 



John P. Chapin, 
Charles Butler, 
Geo. M. Bartholomew, 
Chas. T. Harvey. 



QUINCY AND CHICAGO EAILR0AD, 

(Formerly the Northern Cross Railroad.) 

From Quincy to Gale3burg, 111 100 miles. 

Operated by the Chicago, Burlington and Quincy Railroad, with which it con- 
nects at Galesburg. 

The managers of this road have never published a report, nor is anything of 
the internal affairs of the company or its finances known, except to the share- 
holders and managers. 



NORTH EAST AND SOUTH WEST ALABAMA RAILROAD. 415 

The road, including equipment and station buildings, has cost, to 

January, 1858 $1,978,555 

or $19,785 per mile. 

Represented by : 

Capital stock $800,000 

1st Mortgage Bonds, due 1873 1,200,000 

$2,000,000 

No report of revenue. - 



OFFICERS. 

N. Bushnell, President. Jno. C. Cox, Treasurer. 

W. G. Bullions, Superintendent. 



RING'S MOUNTAIN RAILROAD. 

From Chesterville to Yorkville, S. C 22 miles. 

Connecting at Chesterville with the Charlotte and South Carolina Railway. 
No report received. 

Capital $200,000, of which the State owns $50,000 ; cost of road, $196,230, 
equal to about $9,000 per mile. The net earnings in 1857 were equal to 5& per 
cent, upon cost of road — dividend 5 per cent. 

OFFICERS. 

Jno. H. Adams, President. Jno. A. Brown, Secretary and Treas'r. 

Directors. 

R. G. McCaw, Jno. S. Bratton, R. S. Hope, 

Jno. S. Moore, Jno. L. Miller, W. A. Latta. 

J. T. Lowry, F. H. Sunril, 



NORTH EAST AND SOUTH WEST ALABAMA RAILROAD. 

From State line at Junction of Southern Mississippi and Alabama 
and Mississippi Rivers Railroad, in Sumter county*- to Chatta- 
nooga, Tenn 296 miles- 

This road, now in course of construction from Chattanooga in a southwesterly 
direction, is designed to cut off the angle formed by the States of Alabama and 
Mississippi, lying on the route of the Memphis and Charleston Railway from 



416 capitalist's guide and railway annual. 

Stevenson to the Junction of the Mississippi Central road, 219 miles, and will 
save in distance over 100 miles. 

A large portion of the road is under contract, including bridges over the Black 
Warrior and Tombigbee rivers, but the amount expended thus far is too unim- 
portant for record. The local subscriptions have been liberal, and will probably 
be sufficient to prepare the road-bed for the iron rails. The iron and equipments 
are as yet unprovided for : and its projectors will not find it an easy task to do so 
upon the mortgage securities of the road or its land grant of 500,000 acres. This 
is a work the State might aid, but in doing it she would do more for New Orleans 
than Mobile. 



James Jack, 
A. B. Dearing, 
J. H. Dearing, 
J. J. Thornton. 



OFFICER. 
L. N. Whitfield, President. 

Directors. 
J. A. Mudd, 

A. Battle, 

B. H. Houston, 

S. Mc Alpine, 



S. L. Creswell, 
R. P. Freerson, 
J. Hair, 
A. F. Alexander 



BATON ROUGE, GROSS TETE AND OPELOUSAS RAILROAD. 

From Baton Rouge to Opelousas, La 46 miles. 

(in progress.) 

To connect the New Orleans, Opelousas and Great Western Railway at Ope- 
lousas (progressing) with the Mississippi river at Baton Rouge. In operation 
17 miles, which has cost $225,000 — equal to $13,235 per mile. Amount of State 
aid received to the close of 1857 was $36,000. 

No report received for 1858. 



ATLANTIC AND NORTH CAROLINA RAILROAD. 



From Beaufort and Carolina City to Goldsboro' : 

Connecting at Goldsboro' with the Wilmington and Weldon Railway. 
" " " North Carolina " 



97 miles. 



No report for 1858 received. 

This road is virtually a continuation of the North Carolina line from Golds- 
boro', extending through the eastern part of Wayne, Lenvir, Craven, and Cater- 
ret counties to Beaufort, where there is a good harbor. There is also a branch, 3 
miles long, from the main track to Carolina City, situated on Bouge sound, where 
there is 18 feet of water. 



WINCHESTER AND POTOMAC RAILROAD. 417 

The authorized capital, in 1857, was $1,600,000— the State of North Carolina 
taking two dollars in stock for every dollar secured by private subscription. 

The cost of the road, including equipment and real estate, will be about 
$1,850,000, or $19,000 per mile ; and will be completed to the two terminal points 
on the sound early in 1859. 

Thus far the earnings of the road have not been sufficient to reimburse the 
State for the interest upon the bonds ($400,000) loaned to the company on mort- 
gage. The default of $24,000 annual interest does not reflect much credit upon 
the management, or upon the finances of the company. 



WEST FELICIANA RAILROAD. 

From Woodville, Miss., to Bayou Sara, La. (on Miss, river) 26 miles. 

Connecting with steamboats up and down the river. 

Cost of road $620,000 

or about $24,000 per mile. 
No report for 1858 received. 

OFFICERS. 

Geo. H. Gordon, President. J. B. Therrill, Treasurer. 

L. T. Cunningham, Superintendent. 



WINCHESTER AND POTOMAC RAILROAD. 

From Winchester, Va., to Harper's Ferry 32 mile?. 

Connecting at Harper's Ferry with the Baltimore and Ohio Railroad, and at 
Winchester with the Alexandria, Loudoun and Hampshire Railroad, now in pro- 



Cost of road $573,998 

or $17,937 per mile. 
Represented by : 

Capital stock paid in *$300,000 

Bonded debt, due in 1867 120,000 

Floating debt 18,592 

$438,592 

Excess of means $135,406 

* Of which the State owns $120,000. 



418 capitalist's guide and railway annual. 

Equipment consists of 6 Locomotives : 6 Passenger and Baggage, 40 Freight 
and 8 Service cars, valued at $59,000. 

No report for 1858. 

Receipts in 18-57 from all sources $69,009 

Expenses " for operating road 58,194 

Net earnings $10,815 

equal to 14,.60 per cent, upon gross receipts. 
1„93 " on cost of road. 

" $338 per mile of road operated. 

From which deduct : 
Interest on funded and floating debt $9,045 

Leaving applicable to a dividend $1,770 

equal to 0,,59 per cent, upon the capital stock of the company. 



OFFICERS. 

W. L. Clark, President. Wm. L. Bent, Secretary. 

James Maglis, Superintendent. 

Directors. 
Company. State. 

A. S. Baldwin. W. B. Baker, Andrew Hunter, 

H. H. McGriRE. H. M. Brent, Robt. B. Holliday. 

Jas. P. Riley, 



CINCINNATI, PERU AND CHICAGO EAHB0AD. 

From Plymouth to Laporte, Ind 30 miles. 

Connecting at Plymouth with the Pittsburg, Fort Wayne and Chicago Railway. 
" Laporte " Michigan S. and N . Indiana " 

Cost $1,000,000 

or $33,333 per mile. 

Leased by W. J. Walker, Laporte, Ind. 

No report for 1858. 



OFFICERS. 

M. French, President. N. Butterfield, Cashier. 

G. Hathaway, Secretary. Nathan Kendall, Superintendent. 

Directors. 

Daniel Brown, W. A. Place, L. J. Brown. 

Saml. BrRsox, Jesse Higgins, 



ROANOKE VALLEY RAILROAD. 419 



CLINTON AND PORT HUDSON RAILROAD, 

From Clinton, in East Feliciana Parish, to Port Hudson, La., (on 
Mississippi river) 22 miles. 

Connecting at the latter place with the Mississippi steamboats. 

Cost of road $750,666 

or $34,122 per mile. 

No report for 1858. 



OFFICERS. 

Geo. A. Neafus, President. H. Marsten, Secretary and Treasurer. 

• Jno. Heitzlet, Superintendent. 

Directors. 

Geo. A. Neafus, R. W. Draughon, M. Harris. 

E. W. Barnes, Henry Marston, 



CHARTERS' VALLEY RAILROAD. 

From Pittsburg to Washington, Pa 30 mile?. 

(in progress.) 
To connect with the Hempfield road at Washington. 

The completion of this road will give a short and direct line to Wheeling, via 
the Hempfield road from Washington — saving 33 miles over the river railways. 

No report for 1858 received. 



ROANOKE VALLEY RAILROAD. 

From Valley Junction, Raleigh and Gaston R. R., to Clarksville, Va. 22 miles- 
Connecting witii the Raleigh and Gaston Railway at the Junction ; — to be con- 
tinued to Keysville, forming a junction with the Richmond and Danville Rail- 
road — distance 27 miles, making the total length of the road 49 miles. The sub- 
ject of extension is now under consideration by the company to one of three 
points ; — Keysville, as above stated ; the Junction of the Richmond and Danville 
and South Side roads ; and to Farmville. The additional distance to the South 



420 

Side road would be 23 miles. The most feasible termini, however, for the present, 
at least, is Keysville, whieh will cost $400,000, or one half the amount necessary 
to reach either of the two points on the South Side road. 

Cost of road to Clarksville $450,073 

or $20,458 per mile. 

No debt. 

This road, soon after it was opened, was operated by the Raleigh and Gaston 
company upon an equal division of its receipts, but since 1857 has been run by its 
proprietors and furnished with an adequate supply of rolling stock. 

No report received for 1858. % 

OFFICERS. 

Henry Wood, President. E. A. Williams, Secretary. 

Directors. 

J. Williamson, W. C. Marrow, J. G. Boyd, 

R. C Nelson, S. H. Harris, Henry Wood. 

J. E. Haskins, 



KENOSHA AND ROCKFORD RAILROAD. 

From Kenosha, Wis., to Rockford, 111 70 miles. 

In operation, from Kenosha to Genoa 28 miles. 

Projected, from Genoa to Rockford 42 " 

Total 70 miles. 

At Genoa it connects with the Fox River Valley Railroad, and at Kenosha 
with the Milwaukee and Chicago and lake steamers. This company have sus- 
pended operations in extending the road westward, until a more propitious time 
arrives for procuring means to carry on the work. It would seem as if that period 
will be slow in returning, judging by the revenues of the three lines already in 
successful operation for the trade lying between the lake and the Mississippi river. 
If the figures exhibiting the gross earnings of the Galena and Chicago, Chicago 
and Rock Island, and the Milwaukee and Mississippi roads are any guide for the 
future, it must be very many years before another road will be required to do the 
business through the belt of country just described. The La Crosse and Milwau- 
kee, just completed, and the Racine and Mississippi, in progress, both strike the 
river at different points, thus making, finished and unfinished, with the Fulton 
Branch, seven different lines of road, all competing for the same trade lying within 
.an area of 250 miles. 

No returns for 1858 received. 



OFFICERS. 

JqpiAH Bond, President. L. Burnell, Secretary. 

C. C. Shales, Treasurer. 



JEFFERSONVILLE RAILROAD. 421 



MILLEDGEVILLE AND EATONTON RAILROAD. 

From Gordon, on Central Railroad, to Eatonton, Ga 38 miles. 

Connecting with the Central Railroad at Gordon. 

Cost of Eatonton Br., 20 miles $275,000 

" Gordon " 18 " 216,000 

Total cost $491,000 

or $12,921 per mile. 

The company has no debt, and the road is operated by the Central Railroad 
and Banking Company of Savannah. 



OFFICERS. 
Jas. U. Horne, President. Geo. W. Adams, Superintendent. 



JEFFERSONVILLE RAILROAD. 

From Jeffersonville (opposite Louisville) to Edinburg, on M. & Ind. 
Railroad , 78 miles. 

Connecting with the steamers ou the Ohio river, and at Louisville with the 
different lines of railroad leading from that city 
" at Seymour with the Ohi i and -Mississippi Railway. 

" Columbus " Madison and Indianapolis " 

" Edinburg " " " " " 

Owing to negotiations pending between the company and its bondholders, the 
annual report for 1353 has not been published. 

The cost of the road, as detailed by the report of 1857, including 

equipment, &c, is $1,839,576 

or $23,533 per mile. 

Represented by : 

*Capital stock paid in $1,014,252 

1st Mortgage bonds 289.000 

2d " " 392,000 

Floating debt 99,000 

$1,794,252 

* Of which the city of Louisville owns $100,000. 

The company are in default in the payment of interest on their 1st Mortgage 
bonds, due 1st September, and 2d Mortgage, due on the 1st October, 1S59 ; but 
the interest on the Louisville bonds was paid by the company on the 1st No- 
vember. Its payment has given great dissatisfaction to the bondholders, being 
considered an equivalent to the payment of dividends upon the $100,000 stock 

33 



422 capitalist's guide and railway annual. 

held by the city. This led to a meeting of the bondholders in November last, 
in the city of New York, which resulted in requiring of the company, if the in- 
terest was not promptly paid on that day, a surrender to the trustee on the 1st 
December, of the road, appurtenances, (fee, according to the terms of the mort- 
gage. Since that period, the committee representing the bondholders have been 
negotiating with the company for the future running of the road, but without 
any decision. 

The gross receipts for the year 1857 were $222,737 

" operating expenses " " 148,409 

Netearnings " " $74 328 

equal to 36,66 per cent, of gross receipts. 
" 4,,06 " on cost of road. 
" 1,.37 " for stockholders. 
" $954 per mile on length of road. 



D. Ricketts, President. 

E. Milton. Secretary. 



J. B. Gibbons, 
M. G. Bright, 
J. M. Price, 
John Barbee, 



OFFICERS. 

J. H. McCampbell, Treasurer. 
A. S. Crtjthers, Superintendent. 



Directors, 

S. H. Patterson, 
J. G. Read, 
A. Gowdy, 
Hon. Jas. Guthrie, 



D. Ricketts, 
W. D. Beach, 
Woods Maybury, 
W. G. Armstrong. 



DELAWARE AND HUDSON CANAL COMPANY AND RAILROAD. 



Canal, from Honesdale, Pa., to Rondout, N. Y 83 

Railroad, from Carbondale, Pa., to Honesdale 17 " 

100 miles. 

This is a coal producing company and a common carrier, but the greater part 
of its revenue is derived from sales of coal mined from its own lands, and trans- 
ported by its own thoroughfares to tide-water. It was chartered with banking 
privileges, which, however, have not been used for many years, and has always 
deservedly held a high character as a popular and reliable investment stock, having 
divided regular dividends since its incorporation. The following are some of the 
leading items for each fiscal year ending March 1st : 

1858. 1859. 

Coal transported, tons 1.094,618 977,929 

General merchandise transported, tons 70,068 79,756 

Lumber, feet 15,628,019 • 13,861,039 

Coal mined, tons 480,678 348,789 

Received for tolls, dolls 434,608 307,698 

Sales of coal, " 2,009,601 1,666,633 

Netprofits, " 685,387 420,650 

Per centage on capital 9,, 14 5£ 

Since the completion of the enlargement in 1853, a large sum, exceeding 
$600,000, has accumulated under the agreement of 1857 against the Pennsylvania 
Coal Company for additional tolls, which is now in course of a judicial ascertain- 



DELAWARE AND HUDSON CANAL CO. AND RAILROAD. 423 

ment. No portion of this sum has ever been included in making up the annual 
statements. A site of about 17 acres for a coal depot and basin has been pur- 
chased at Weehawken, and the contract for construction of the docks has been 
let. 



BALANCE SHEET. 
Fiscal Year ending March 1, 1859. 



Dr. 


Office, New York. 


Cr. 




$6,156,489 
1,484,762 

445.094 

442,863 

393,641 
497,463 
145,305 


! Capital stock 


$7,500,000 




900,000 






322,717 






842,900 


Canal boats, barges, 
steamboats, machin'y, 
tools, &c 

Debts due to the com- 
pany 

Coal on hand 

Cash 




/ 




$9,565,617 


$9,565,617 



1. Cost of road, per mile. 
" canal, " 



$87,339 
74,174 



Total cost, per mile $76,412 



Dr. 



INCOME ACCOUNT. 



Cr, 



Stock coal March 
1st 

Cost of mining for 
1858 .. 

Expenses railroad 
and repairs. . , 

Expenses can'l and 
repairs 

Freight coal to 
Rondout 

Labor and ex- 
penses at Ron 
dout 

Expenses N. York 
office 

Coal yard, expen 
ses, taxes, in- 
terest, &c. . . 

Depreciation, bad 
debts, (tec — 

Balance 



1859. 



$741,292 



$590,704 



311,123 232,607 

266,771 213,059 

256,865! 205,172 

i 

418,36& 273,651 

i 

68,296. 51,507 

31,290; 35,306 



214,230 190,794 

I 

32,0001 
685,387 420,650 

$3.055,61512.213,450 



Sales of coal 

Canal and railroad 

earnings (tolls) . 

Profits of barges. 

Coal on hand 



1858. 

$2,009,601 

435,198 

20,112 

590,704 



$1,666,633 

307,698 

17,508 

221,611 



$3,055,615!$2,213,450 



424 capitalist's guide and railway annual. 



OFFICERS. 



Geo. T. Olyphant, President 
Robt. Soutter, Vice President. 



Isaac N. Seymour, Treas'r. 
J. C. Hartt, Sec'y. 



John Wurts, 
Silas Holmes, 
Wm. S. Herriman, 
Chas. N. Talbot, 



Managers. 

Lora Nash, 
E. J Woolsey, 
Geo T. Olyphant, 
Robt. Ray, 
Daniel Parish, 



S. B. Schieffelin, 
Abiel A. Low, 
Robt. L. Kennedy, 
James S. Halsted. 



BUFFALO BAYOU, BBAZOS AND C0L0BAD0 BAILBOAD. 



(in progress.) 

From Harrisburg to Austin, Texas 

No report for 1858 received. 



188 miles. 



OFFICERS. 

J. F. Barrett, President. D. \V. C. Harris, Secretary. 

J. A. Williams, Treasurer. 



J no. F. Barrett, 
T. H. McMahon, 



Directors. 

D. W. C. Harris, 
C. W. Tait, 
G. F. Williams, 



Jno. Angier, 
H. McLeob. 



FLOBIDA BAILBOAD. 

From Fernandina to Cedar Keys, Fla ! 154 miles. 

This road was placed under contract in the latter part of 1855. At the present 
time, the trains are running upon 75 miles. Thirty-five miles more are graded, 
and the balance of the grading is let to competent parties, who have 600 hands at 
work — a force ample to complete the road in October, 1859. This force is put on 
by planters from Virginia and North Carolina, who work their own hands, and 
receive the free land bonds at par for three- fourths of their pay. The grading of 
the road is thus fully provided for by the force already on the ground. The com- 
pany have purchased the iron necessary to lay their entire line, and the greater 
part of it is delivered. 

The harbor of Fernandina is, with the exception of Brunswick, the best on the 
Atlantic coast south of Hampton roads, and has 20 feet of water on the bar at 
average high tides. That of Cedar Keys is accessible for vessels drawing 12 feet, 
and is well protected. The road derives its chief importance by the short route 
across the peninsula, thus saving 800 miles of circuitous, dangerous and expensive 



NORFOLK AND PETERSBURG RAILROAD. 425 

navigation around the Florida Keys. Upon the completion of the road, mos 
of the Atlantic cities must connect with it by land and water, as it will form the 
shortest and most comfortable route between each of them and the gulf cities. 
And for the same reasons all the important gulf ports will be obliged to connect 
by steamers and other craft with Cedar Keys. By extending the Mexican Gulf 
Railroad to Cat Island, the time from Cedar Keys to New Orleans will be reduc- 
ed to 21 hours. 

Resources of the company : 

Internal improvement 7 per cent, bonds of the State of 
Florida, due in 1891, $10,000 per mile on 154 miles of 
road $1,540,000 

Free land bonds, bearing 8 per cent., due in 1891, upon 
650,000 acres land, and 2d Mortgage on railroad. . . . 1,500,000 

$3,040,000 

which, it is estimated, will be about the cost of the road and equipment, or about 
$20,000 per mile. 

As will be seen by the list of directors, this road has connected with its organi- 
tion several New York names that are identified with many works of internal im- 
provement — whether they be in railways or steamships — and the company should 
be easy and comfortable in its finances. Notwithstanding the very respectable 
board of directors, and tbe fact that the company are in market with their free 
land bonds, it is a matter of regret that the interest coupons upon a portion already 
negotiated have not been promptly paid. 

OFFICERS. 

Hon. David S. Yulee, President. G. W. Call, Secretary and Treas'r. 

E. W. Dickerson, Vice Pres't. A. H. Cole, Superintendent. 

Directors. 

Hon. David L. Yulee, Philip Dell, John J. Phelps, 

E. N. Dickerson, Moses Taylor, A. H. Cole, 

Joseph Fineoan, Marshal O. Roberts, Geo. W. Call. 



N0EF0LK AND PETERSBURG RAILROAD. 

From Norfolk to Petersburg, Va 80 miles. 

Connecting at Portsmouth with the Seaboard and Roanoke Railway. 
" Petersburg " South Side 

" Richmond and Petersburg " 
" " Petersburg 

This is a new road, and was opened for traffic in September, 1858. It unites 
Norfolk, which possesses one of the best harbors on the Atlantic coast, with tho 
Virginia and Tennessee systems of railway, giving an unbroken line from the 
seaboard to the Mississippi river. 

The last report does not reach the period when the road was completed, but 
the annexed balance sheet embraces a fair view of the company's finances. Tho 
outstanding debt matures within the years 1859, 1860 and 1861. In addition to 
the means set forth, there is $325,000 appropriated by the State towards the com- 
pletion of the work, not yet drawn, and $270,000 of the company's 8 per cent. 
Bonds, equal to tie sum of $595,000, applicable to finishing and equipping the road. 

36* 



426 capitalist's guide and railway annual. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending March 31, 1858. 

Office, Norfolk, Va. 



Cr. 



Cost of road 

Cost of equipment 

Telegraph..., 

Debts due to the com- 
pany 

Virginia State bonds 

Norfolk City " 

Cash 



$1,696,907 
64.027 
10^00 

3,783 

23,600 
3,870 
1,082 

$1,803,769 



Capital stock 

Bonded debt and floating 
debt 



$1,346,876 



$1,803,769 



OFFICERS. 

Francis Mallory, President. Wm. H. Hunter, Treas'r & Sec'y- 

Wm. Mahone, Chief Engineer and Superintendent. 



Directors 



Geo. W. Camp, 
Jno. B. Whitehead, 
A. F. Leonard, 



on the part of 
the State. 



Jno. E. Doyle, 
Jas. Y. Leigh, 



>on the part of the 
$ stockholders. 



DETROIT AND MILWAUKEE RAILROAD. 



From Detroit to Grand Haven, on Lake Michigan 188 miles. 

Connecting with the Michigan Central, Detroit and Toledo, and Great Western 
Canada Railways at Detroit, and with steamers (two being constructed for the pur- 
pose) at Grand Haven, to cross the lake to Milwaukee. The opening of this 
route will give to Milwaukee as well as to northwestern travelers through Wis- 
consin an expeditious and comfortable route to the east, being 106 miles shorter 
than by any other route from New York to the Mississippi river. 

In the location of this road, the Detroit and Pontiac, and Oakland and Ottawa 
lines were consolidated with the Detroit and Milwaukee Company ; and as it pro- 
gressed, it was overtook by the financial storm oi 1857, which found so many rail- 
roads exposed to its attacks — and to ride through it in safety, it was obliged to 
pledge all the personal property at its command, a part of which was iron rails 
needed in the extension of the road. Negotiations were opened with the Great 
Western Railway of Canada, whose western terminus is at Windsor (opposite 
Detroit), which resulted in obtaining the necessary assistance for completing the 
road to Lake Michigan by giving the absolute control to the Canada road until 
the advances were paid off, and taking a 3d mortgage on the whole line for 
$750,000. By this arrangement, the affairs of the company — which were so crip- 
pled that its 1st mortgage bonds could not be sold or pledged at any price — have 
steadily improved, and its credit nearly restored. 

The confidence felt by the Great Western Company in the present position and 
future prospects of this road, as a most important and valuable feeder to theirs, 
induced their shareholders lately to lend an additional sum of $500,000 on mort- 
gage as a further advance to this company. 



PHILADELPHIA, GEKMANTOWN & NORRISTOWN E. R. 427 

This new loan will enable the company to provide all the rolling stock and sta- 
tion accommodation needed to develop its traffic in 1859, and to do all that is 
necessary to perfect the company's plans, until a revival of the general trade of 
the country will produce such a traffic as will render the line entirely self-sup- 
porting. 

The amount expended on the road to 1st December, 1858, is about. . . $6,500,000 
or for 186 miles finished, $35,376 per mile. 
Represented by : 

1st Mortgage 7 per cent, bonds $2,500,000 

2d " 8 " " 1,000,000 

3d " " " " 750,000 

4th " " " " 500,000 

Bonds Detroit and Pontiac, and Oakland and Ottawa 

roads consolidated 706.000 

Floating debt 692,794 

$6,148,794 

The position of the company will be best illustrated by the following statement 
of the amount required to provide interest on its debt : 

Interest on 1st mortgage of $3,206,000 $227,870 

2d " " 1,000,000 80,000 

3d " " 750,000 .* 75,000 

4th " " 500,000 50,000 

" share interest bonds 22,000 

$454,870 
The working expenses will be about 50 per cent of receipts, and therefore to 
pay the amount of interest above set forth will require a gross yearly traffic of 
about $910,000, or $17,500 per week. 



OFFICERS. 

C. J. Brydgeb, President. C. C. Trowbridge, Secretary. 

Directors. 

E. A. Brush, Wm. Gerau, Admiral Laws, 

H. N. Walker, N. P. Stewart, Thos. Callen. 

Robert Gill, 



PHILADELPHIA, GERMANTOWN AND N0RRIST0WN RAILROAD. 

Main line, from Philadelphia to Norristown 17 miles. 

Plymouth Br., from Conshocken to Germantown 7 " 

Total length 24 miles. 

This company operates under lease the Chester Valley Railroad, from Norris- 
town to Downingtown, 21 miles ; and the Chesnut Hill Railroad, from its point of 
intersection in Penn township to Chesnut Hill, distance 10 Smiles— making the total 
length operated by the Philadelphia, Germantown and Norristown corporation, 
55£ miles. The connections are with the different roads diverging from Philadel- 
phia and the Pennsylvania Railway at Downingtown. 



428 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

The advantages for revenue are very superior, and the road enjoys them by the 
excellent management of its affairs. It is enabled to pay regular dividends of 10 
per cent, annually, has a good credit, and a surplus equal to 4„52 per cent, upon 
the capital stock of the company. 



Dr. 



BALANCE SHEET. 

Fiscal Year ending September 30, 1858. 

Office, Philadelphia. 



Ce. 



1. Cost of road 

2. Cost of equipment 

Debts due to the com- 
pany 

Sinking fund 

Cash 



$1,422,977 
228,555 

67 
26,150 
64,584 



$1,742,333 



Capital stock 

3. Bonded debt 

4. Floating debt 

Contingent dividend ac- 
count 



$1,208,500 
374,800 
104,720 

54,313 



1. Equal to $59,210 per mile ; including equipment, $68,814 per mile. 

2. 16 Locomotives $118,539 

Passenger cars 66,203 

Burden " 43,813 



3. Consolidated loan. 
Loan of 1852 



Appropriations to sinking fund.. 
Dividends declared, not payable. 
Interest " " . 

State tax " " . 

Bills Payable 

Chester Valley Railroad Co 

Chesnut Hill " " 



274,800 
100,000 



$28,650 

60,897 

621 

6,045 

6,000 

309 

2,198 



$228,555 
$374,800 



$104,720 



Dr. 



INCOME ACCOUNT. 



CR. 



Operat'g expens's. 
Extraordinary ex- 
penses 

Interest 

State Tax 

Rent of other ro'ds 

Dividends . . 

Balance 



1857. 


1858. 


$111,231 

4,287 
21,921 

5,551 

21,621 

120.997 

27,350 


$111,641 

22,128 

6,173 

21,589 

120,897 


$312,958 


$282,428 



Gross earnings. 
Balanoe 



1857. 



$312,958 



$279,589 
2,839 



$312,958 $282,428 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 
Fiscal year ending September 30 1857. 1858. 



Gross receipts $312,958 $279,589 

Expenses 115,417 111,641 



Dec. $33,369 
8,776 



Net earnings' $197,541 



$167,948 



$29,503 



CAIRO AND FULTON RAILROAD. 



429 



Falling off in gross receipts in 1858, 10, ,60 per cent. 

Decrease in net earnings " 15,,02 " 

1857. 

Net income from gross receipts, per cent 59„41 

" on cost of road, " H>>97 

" for stockholders, " 12, ,36 

Net earnings on length of road, per mile $8,231 



1858. 

59„98 Inc. 
10„17 Dec. 
9„83 
$6,997 



„57 
1„80 
2„53 

$1,234 



OFFICERS. 

Edward C. Dale, President. John F. Watson, Sec'y and Treas'r. 

H. K. Smith, Superintendent. 



G. W. Carpenter, 
C. Colket, 
Joseph Swift, 
Wm. Harmae, 



Directors. 

Charles Ellis, 
A. E. Dougherty, 
Joseph Perot, 
G. H. Thompson, 



Wm. MrssER, 
W. H. Slingluff, 
J. J. Woodward, 
Saml. Jeanes. 



CAIRO AND FULTON RAILROAD. 

From Bird's Point (opposite Cairo) to Arkansas State line 77 miles. 

This road was commenced with a view to its extension through Arkansas, by 
which it would receive the special grant of land donated by Government, to Fulton 
on the Red River — thus forming the connecting link of the southern route, should 
it be selected, to the Pacific Ocean. Its construction for the present, however, is 
not contemplated beyond the State line of Missouri, and in reaching that point it 
enjoys Missouri State aid to the extent of $650,000. The distance under contract 
is 25 miles, from the west bank of the Mississippi, opposite Cairo, to the line of 
New Madrid County, and materials are on the ground, including iron rails, suffi- 
cient to complete it to Charleston, 12 miles. 

The amount expended for construction to Dec. 1, 1858, is as follows : (for 12 
miles of road.) 

Graduation, iron, discounts, and expenses of all kinds $266,916 

equal to $22,243 per mile. 

Derived from : 

Installments on stock ' $50,094 

Mississippi County 400 

136,000 bonds of the company pledged for 3000 tons iron 112,980 

Cash advanced by directors 50,892 

Materials and rolling stock purchased by hypothecation 

of $191,000 company's bonds 52,550 

$266,916 

The means of the company for the further prosecution of the work are : 

Balance of the appropriation of the State of Missouri $400,000 

Company's bonds secured by 400,000 acres of land, unissued 1,000,000 

State bonds on hand, unsold 70,000 

Leaving available $1,470,000 

which is exclusive of uncollected stock subscriptions, amounting in the aggregate 
to about $1,200,000. In addition to the above the company has 570,508 acres of 



430 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

land, 414,500 being subscribed by the counties through which the road passes, 
56,503 donated by Congress, and 100,000 conditionally by Stoddard County that 
a branch 8 miles long be constructed to Bloomfield. 

It would appear as if the resources of this road, with what might be added, 
were ample enough to carry it to Little Rock or Jacksonport. 



OFFICERS. 

Mason Brayman, President. S. Sexon, Vice Pres. and Sup't. 

Geo. R. Teasdai,e, Secretary and Treasurer. 

Directors. 

Mason Brayman, H. H. Bedford, 8. Sexton 

S. G. Kitchen, L. F. McCrillis, 



BARNESVILLE AND TH0MAST0N RAILROAD. 

From Barnesville (on Macon and Western Railroad) to Thomaston. . 16 miles. 

Connecting with the Macon and Western Railway. 

Cost of road $200,000 

or $12,500 per mile. 

No debt. The earnings of this road enable it to make large dividends. 



TERRE HAUTE, ALTON AND ST. LOUIS RAILROAD. 

On page 67 will be found a condensed statement of the financial condition of 
this road, together with a synopsis of its income account to April 30, 1858. 
In February, 1859, a circular from the company was issued in which is contained 
a similar exhibit brought down to the 1st January, 1859, with the exception of 
the operating expenses and other disbursements for May and June. The first re- 
port emanated from St. Louis, under the management and supervision of the late 
president, Thomas Allen, and L. R Sargent, superintendent. The circular comes 
from the New York office, and takes up the business of the road from the 1st July, 
1858, from which it appears the 

Gross earnings from 1st July to Dec. 31, 1858, were $420,065 

Operating expenses, same period 198,027 

Net earnings for 6 mos $222,038 

or 52,,86 per cent, of gross receipts. 

If the expenses for maintenance of way, repairs to rolling stock, 
bridges, &c, be deducted, amounting to $102,961 

The actual net earnings would be $119,077 

or 28,,35 per cent, of gross receipts. 



TERRE HAUTE, ALTON A?~D ST. LOUJS RAILROAD. 431 

At this rate, the following would be the result of the year's business ending 
June 30, 1859, viz : 

Net income on cost of road 2„86 per cent. 

Deficiency of income to meet expenses of road, interest on its debt 
and extraordinary repairs (upon the capital stock) 6,. 14 " 

Net earnings on length of road $572 per mile. 

In November, 1857, the company failed to pay the interest upon its 3d mort- 
gage bonds ; and in February and March, 1858, upon its 1st and 2d mortgage 
bonds. The present managers found the company in default upon all classes of 
its funded and floating debt, with large arrearages for unpaid taxes, wages of 
operatives, and bills for supplies, and other claims, which could not be postponed. 
They, however, in August and September, 1858, resumed, and have since main- 
tained, the regular payment of interest upon the 1st mortgage bonds of the Terre 
Haute and Alton road, of $1,000,000, and upon the 1st mortgage bonds of the 
Belleville an 1 Illinoistown Railroad, of $600,000. The actual net earnings for the 
past 6 months have been $119,077, yet the company could not appropriate of its 
cash means more than sufficient to pay the interest upon its 1st mortgage bonds, 
without neglecting necessary works of construction. And it is not anticipated 
that the company will be able to do more, the present year, than to continue the 
payment of interest upon these 1st mortgage issues, and to make those indispen- 
sable improvements in the track which the best interests of all parties require. 

Upon taking possession of the road in June, 1858, the managers found it with 
an unfunded debt including the coupons then past due and unpaiu, exceeding 
$1,000,000. Of this amount more than $150,000 was for wages due to operatives, 
taxes and bills for current supplies used for operating purposes. 

Since then, the floating debt has been reduced $309,878, while the bonded debt 
has been increased $370,920. The company are still willing to retire the unpaid 
coupons and other indebtedness with 4th mortgage bonds — all it has to offer. 

The following is a copy of the 



Dr. 



BALANCE SHEET, 

To January 1, 1859. 



Cr. 



Cost of road $7,608,958 

Cost of equipment 

Real estate not in con- 
struction account .... 

1. Debts due to the com- 

pany 

Cash 

2. Excess of liabilities over 

ts 242,201 



62^.-187 

111,719 

273,088 
799 



$8,865,252 



Capital stock $3,026,903 

3. Bonded debt 5,035,615 

4. Floating debt 741.040 

Income account 61,694 



$8,865,252 



1. Advances to contractors upon accounts unsettled.... $58,000 
Accounts against former officers and agents at the 

west unadjusted 66,652 

Accounts due from sundry persons 46,189 

Storekeeper 19,541 

Shelby county 3,652 

Uncollected revenue 79,054 

2. Being for debts at the west, existing prior to July, 

1st. 1858, since been paid, or for which the com- 
pany's obligations have ben given (properly be- 
long? to profit and loss) 



$273,088 



$242,201 



432 capitalist's guide and railway annual. 



3. 1st Mortgage bonds T. H. & A. R R $1,000,000 

2d " " " " 2,000,000 

" Belleville and I. R. R 



1st 
2d 
3d 

4th 

Fractional certificates 

Bonds payable (1865) 



T. H., A. andSt.L.R. R. 



4. Bills Payable at the east 

Terre Haute and Richmond R. R. Co. (prior to 1st 

June, 1858) 

Accounts for supplies and stock killed 

Notes discounted prior to June, 1858 

Debts contracted since " " 

Unpaid coupons past due $331,939 

Less coupons funded 97,490 



574,000 

494,000 

659,000 

213,525 

4,790 

90,300 

$5,035,615 

$299,379 

66,979 
51,231 
25,000 
12,167 



$234,449 
51,835 



Scrip issued for wages of operatives 

$741,040 

The monthly earnings for tbree years to 31st October, 1858, will be found on 
page 70. The following is a continuation : 

November, 1858 $76,232 

December, " 72,533 

January, 1859 67,01 1 

February, " 63,720 

March, " 82,601 



OFFICERS. 
Edwin C Litchfield, President. Jas. A. Raynor, Vice Pres. & Sup't. 



Edwin C. Litchfield, 
James A. Rayner, 
John Strykee, 
James Barnes, 



Directors. 

E. B. Litchfield, 
Samuel Wade, 
Robert Christie, Ji 
C. Murdock, 
P. C. Huggins, 



S W. MOULTON, 

W. E. Bacon, 
Edward Freeman, 
Charles Sumnery. 



CHICAGO, IOWA AND NEBRASKA EAILR0AD. 

From Clinton to Cedar Rapids 81 miles. 

Finished, from Clinton to Lisbon 64 miles. 

In progress, " Lisbon " Cedar Rapids 17 " 

Total 81 miles. 

This work has been pushed forward with great energy, and does not appear 
to have been retarded by the financial revulsion, its stockholders contributing 
promptly and liberally. It has no land grant aid, and in this respect it bears a 
striking contrast with the Iowa Central, which received one of the four donations 
to the State, commencing from Lyons, 3 miles above Clinton. Little or nothing 



CHICAGO, IOWA AND NEBRASKA RAILROAD. 433 

has been done towards the work of construction of that road — whilst this, with the 
perseverance of its projectors, will be through to Cedar Rapids in June, 1859. 

The amount expended for construction from Clinton to 

Burnett's Station, 36 miles is $591,994 

Buildings 17,914 

Rolling stock 63, US 

Fencing 1,249 

Fuel 3.000 

Tools, shops, &c 5,793 

Interest, expenses, &c 44,270 

$732,338 

Derived from the following sources : 

Subscriptions to stock $516,072 

Iowa Land Company and others , 369,084 

$885,156 

Excess of means $152,818 

The amount necessary to be expended to put the road in operation to Cedar 
Rapids : 

Construction $404,000 

Buildings 15.000 

Rolling stock 75,000 

Fencing 25,000 

Incidentals 25,000 

$544,000 

$544,000 
Add amount already expended $732,338 

Total cost $1,276,338 

or $15,757 per mile. 

Means applicable for the completion of the road : 

Surplus as above $152,818 

Subscriptions payable from 1st Jan. to 1st July, 1859. . 156,500 

$309,318 

Leaving to be provided for $234,682 

This amount is exclusive of $309,084 due the Iowa Land Company and others 
for advances ; the payment of which is deferred till the completion of the road to 
Cedar Rapids, a considerable part of which will be paid in the stock and bonds 
of the company. 

It is believed that a liberal increase of subscriptions may be looked for along 
the line of the road from those interested in its progress, and whose interests are to 
be favorably affected by its completion. Still no amount can be anticipated 
which can supersede the necessity of providing now, for all which may be re- 
quired. 

A first mortgage upon the eighty-one miles of road has been duly executed by 
the authority of the board, for the sum of $810,000, to secure the bonds of the 
company at the rate of $10,000 per mile. John G. Forbes, Esq , and Robert 
Squires, of New York, are named as trustees in the mortgage ; the rate of in- 
terest upon these bonds may be fixed in the discretion of the board at not less 
than seven nor more than ten per cent. 

This road was projected to run from Cedar Rapids, up through the Cedar Val- 
ley to St. Paul, Minnesota, which would make the total length from Clinton 232 
miles. Its further prosecution is for the present abandoned. 

The following are the monthly receipts for the past year on the finished por- 
tion, the average length operated being 41 miles, (to Lowden) viz : — 

37 



434 capitalist's guide" and railway annual. 



Receipts. Passengers, Freight. 

January $826 $1,918 

February 664 1,540 

March 1.234 1,759 

April 1,132 2,170 

May 1.570 2,500 

June 1,383 5,698 

July 1,400 4,121 

August 1,392 2,379 

September 1,785 2,402 

October 1,520 2,386 

November. 1,303 2,872 

December 1,170 3,063 

Totals $15,379 $32,818 

Passengers carried West — 11,250 ; carried East — 10, 



Mails. 


Total, 


$202 


$2,946 


201 


2,415 


200 


3,193 


210 


3,512 


200 


4,270 


200 


7,282 


234 


5,756 


222 


3,993 


227 


4,409 


257 


4.163 


252 


4,427 


254 


4,487 


$2,655 


$50,852 


total, 22,235 





OFFICERS. 

Charles Walker, President. Geo. W. Bourne, Secretary. 

Chas. A. Lombard, Treasurer. 



Charles Walker, 
Cyrus Clark, 
Geo. W. Ames, 
C. A. Lambard, 
J. C. Bucker, 
Johk Weave. 
George Greene, 



Directors. 

James Purdy, 
L. B. Crocker, 
T. T. Davis, 
Austin Mye:rs, 

A. S. MlTCHEUr. 

S. C. Bever, 
H. G. Angle, 



L. M. Flournoy, 
J. T Boyle, 
a. h. twombly, 
Oakes Ames, 
I. P. Hazzard, 
S. D. Carpenter, 
Jno. Bertram. 



DAYTON AND MICHIGAN KAILR0AD. 



From Dayton to Toledo, Ohio 144 miles. 

Finished, from Dayton to Lima 72 miles. 

Progressing, from Lima to Toledo 72 " 

Total 144 miles. 

Its connections upon the finished portion of the line are with the various roads 
diverging from Dayton. 

At Piqua with the Columbus, Piqua and Indiana Railway. 
Sidney " Bellefontairie and Indiana " 

Lima " Pittsburg, Fort Wayne and Chicago railway. 

" " Fremont and Indiana (progressing) " 

When completed to Toledo it will connect with the Detroit and Toledo, Michigan, 
Southern and Northern Indiana and Cleveland and Toledo roads, giving it, with 
such extensive tributaries, valuable advantages for revenue. 

No report for 1858 received. 

It is understood that the Cincinnati, Hamilton and Dayton and the Mchigan, 
Southern and Northern Indiana railway companies have agreed to assist in the 



DAYTON AND WESTERN RAILROAD. 



435 



completion of the road, the former $300,000 and the latter $150,000, — both compa- 
nies taking its bonds, to be reimbursed out of the earnings of the road after its 
completion. 

The road is reported to have cost, thus far, about $2,200,000 ; derived from 
ttock subscriptions $1,076,600, and the balance from miscellaneous sources The 
compiler has not received any response to his application for information respect- 
ing its financial condition, the amount expended thus far, or the particulars of its 
traffic since the road has been opened to Lima Withholding information 
of this kind is calculated to throw doubt upon the enterprise, and to deter parties 
from making railway investments. The location of the line is a very feasible one, 
but how can capitalists discriminate whether such is the case or not, or judge of 
the value of its securities if the internal affairs of the company are kept from the 
public 1 



OFFICERS. 



T. J. S. Smith, President. 
C. Dutriok, Vice President. 



Preserved Smith, Secretary. 
M. Shoemaker, Superintendent. 



T. J. S. Smith, 

C DUTRICK, 

M, Shoemaker, 



Directors. 
J. G Telford, 
Joseph Cummins, 
M. R. Wait, 



Geo. Carlisle, 
J 8. Norton, 
H. S. Mayo. 



DAYTON AND WESTERN RAILROAD. 

From Dayton, Ohio, to Indiana State Line 36 miles. 

Connecting with the Indiana Central railway at Richmond, with which it has a 
running arrangement, — each company participating equally in the revenues from 
traffic. It also connects at Dodson with the Greenville and Miami railway, and 
at Richmond with the Cincinnati and Chicago line. This road is now doing a fair 
business, — gradually reducing its floating, besides meeting its interest prompt- 
ly upon its mortgage debt. No dividends are paid. 

No report for 1858 has been received. 

The following statement of the affairs of the company is taken from its Fifth 
Annual Report : 



BAI-iNCE sHEET. 
Fiscal Year ending Aug. 31, 1858. 



Dr. 


Office, Dayton, Ohio. 


Cr. 


1. Cost of Road 


$86^,679 
104,912 

61,583 
45,000 

$1,080,174 




$289,692 

700,000 

50,000 

40,482 


2. Cost of Equipment 

3. Real' Estate not in con- 






struction account 


Floating debt 


3d M. Bonds on hand. . . 








$1,080,174 



436 capitalist's guide and railway annual. 

1. Cost of road, equipment and real estate $28,755 

2. Consists of 5 locomotives and 92 cars. 

3. Dayton depot grounds and building 12,378 

Machine shops and machinery 25,052 

Engine house 11,509 

Freight houses 12,644 

$61,583 

4. 1 mortgage 7 per cent, bonds 300,000 

2 " " *< 250,000 

2 " " " 150,000 

$700,000 

The gross receipts for the fiscal year ending Aug. 31, 1857, were : 

Freights $46,748 

Passengers 73,639 

Mail, &c 5,554 

$125,941 

Operating expenses 59,688 

Net earnings $66,253 

Net income from gross receipts 52,,60 per cent. 

" on cost of road 67,. 40 " 

for stockholders 6„2l " 

Net earnings on length of road, $1,839 per mile. 



OFFICERS. 
Valentine Winters, Pres. and Treas. W. F. Doggett, Secretary. 
Directors. 
Peter P. Lowe, R. W. Steele, Richard Green, 

Frederick Gebhart, Valentine Winters, W. S. Westerman, 

Henry Herrman, Alfred Braffitt, Joseph Clegg. 

J. D. Phtlltps, R. R. Dickey, 



FREDERICKSBURG AND G0RD0NSVILLE RAILROAD. 

From Fredericksburg to Gordonsville, Va 45 miles. 

(in progress.) 
No report for 1858. 

The grading in 1857 was about one-half finished ; estimated cost of completing 
the graduation, $104,000. 

The amount expended to 31st July, 1857, was $219,665 

Derived from : 

Subscription by the State of Virginia $131,799 

Subscriptions by individuals 87,866 

$219,665 

Capital stock, $460,000. A further subscription on the part of the State has been 
contingently authorized by the General Assembly of $138,000. The work seemg 



CHERAW AND DARLINGTON RAILROAD. 437 

to have come to a stand since the financial troubles of 1857. The amount re- 
quired to complete the road, beyond the means already provided for. is $363,130. 

OFFICERS. 

J. S. Wellford, President. Jno. S. Caldwell, Sec'y and Treas'r. 

Directors . 

O. M Crt:tchfield. } 
John H. Lee, > State. 

Alex. K. Phillips, ) 



Chas. C. Wellford, > r , 

Peter Gaolrick, \ Company. 



TALLAHASSEE RAILROAD. 

From Tallahasse to St. Marks 21 miles. 

Running in connection with the Pensacola and Georgia Railway (in progress). 
This is the oldest road in Florida, and has paid fair dividends to its stockholders. 

Cost $426,000 

Has no debt. 



CHERAW AND DARLINGTON KA1LR0AD. 

From Cheraw to Darlington 90 miles. 

Connecting at Florence with the Wilmington and Manchester Railway. 
No report received. 

Cost $600,000 

equal to $20,000 per mile. • 

Capital stock $400,000 

of which the State owns $100,000. 



OFFICERS. 

Allen Macfarlan, President. Jno. H. McIver, Sec'y and Treasurer. 

C. T. W. Syfan, Superintendent. 

Directors. 

Edgar W. Charles, A. McQueen, Thos. Smith, 

J. Eli Gregg, T. P. Lide, C. Coker, 

Duncan Mulloy, J. N. Williams, J. A. Inglis. 
J. P. Kirkpatrick, 



438 capitalist's guide and railway annual. 



MOBILE AND GIRARD RAILROAD. 

From Mobile to Girard (opposite Columbus, Ga.) 228 mile§. 

(in progress.) 

Finished, from Girard to China Grove 57 miles. 

Cost, as near as can be ascertained $1,500,000 

or, $26,316 per mile. 

No report received for 1858, or response to the compiler's application for infor- 
mation. 



OFFICERS. 

John H. Howard, President. W. B. Harris, Sec. and Treas. 

John Howard, Superintendent and Engineer. 

Directors. 
H. Blackman, T. B. Threewits, H. Thompson, 

James Gatchet, J. M. King, John Goldsmith, 

John H. Howard. 



LA CROSSE AND MILWAUKEE RAILROAD. 

From Milwaukee to La Crosse, Wis 200 miles. 

Connecting with the various lines of railway diverging from Milwaukee, with the 
Detroit and Milwaukee road at Grand Haven by substantial lake steamers. It also 
connects at Horicon with the Milwaukee and Horicon railway, and at La Crosse 
with St. Paul and Dubuque packets. The history of this road has done more to 
bring disgrace upon the management of American railways than any other in the 
Union. From the date of its connection with the land grant, it appears to have 
been one continued source of corruption to the present time ; and, although the 
road from its locality has merits within itself, there has been no time from the or- 
ganization of the Company down to its completion that its resources have not been 
controlled more for private gains than the good of those who furnished the 
money for the enterprise. The extensive and repeated frauds in using the credit 
of the company has brought shame upon the managers, particularly those in power 
in 1856 and 1857, reflecting, as it does, upon every Board of Directors through- 
out the country, while the principal actors have escaped unpunished. The road was 
projected in 1851, and on the 31st December 1855, 51 miles was finished ; soon after 
the whole eastern division, 95 miles, was put under contract for the sum of $2,557- 
170 or $26,917 per mile. Up to that period the prospects of the company were 
bright because its finances were managed fairly, and made the more so by the open- 
ing of the line from the city of Milwaukee to Horicon. This was not all, the 
confidence of capitalists was daily becoming enlisted in favor of the road, and 
they readily furnished money for its construction. At this date, it will be per- 
ceived, the Company was in the full tide of its prosperity, and the reader is re- 
quested to note the changes in the fiscal condition of the company during the two 
succeeding years. 

According to the Fifth Annual Report, the condition of the Company (after 
the purchase and consolidation of the Milwaukee and Watertown railway, secur- 
ing the right to the grant of lands) , is seen by the following : 



LA CROSSE AND MILWAUKEE RAILROAD. 



439 



Dr. 



BALANCE SHEET. 
Dec. 31, 1856. 



Cr. 



Eastern Division, 


$1,772,753 

281,892 
679,711 
599,785 
138,035 


Capital stock 


$2,031,200 
314,000 


N. W. " 

Watertown " 

Portage " 


1 M. Bonds E. Div 

Farm M. « 

Unsecured Bonds, 1862 

Consolidation " for stock 
M.& W. R. R 


942,500 
913,500 
107,000 


Total construction, 


$3,472,176 

457,838 

460,015 

23,634 

151,235 


35.800 
68^08 


Discount on bonds, E. Div. 


Profit and Loss 


8,528 


Debts Due the Company.. . 




143,762 












$4,564,898 


$4,664,898 



At this period there had been opened 87 miles of road, from Milwaukee to 
Midland (within 8 miles of Portage City) ; — the amount spent on the Eastern 
division was as follows : 

Railroad proper $1,733,953 



Rolling stock and repairs . 

Depot grounds and buildings in Milwaukee 

Other real estate 

Connecting roads and steamboats 

Salaries and expenses 

Taxes and Legal expenses 

Consolidation with Fond du Lao and Green BayR.R.Co. 
or $30,764 per mile 



496,638 

228,866 

25,092 

24,572 

118,405 

4,304 

44,680 



$2,676,510 



There appears to have been paid during the year 1856, the following 
sums for engineering, right of way, interest, agencies, incidental 
expenses and construction on the 

Western Division, (since finished $218,874 

North Western Division, (never built) .... 512,890 

Watertown " 537,688 

Portage " (never built) 96,330 

Total 

The amount expended on the Western Division, and for the exten- 
sion of the road from Watertown to Columbus being deducted 



leaves the sum of. 



$1,365,782 

$756,562 
$609,220 

as withdrawn from the resources of the Company to pay for the most profligate 
and unreasonable charges for services that was ever heard of; and the circum- 
stances connected with them point strongly to the officers as participants. The 
estimated cost of completing the eight miles to Portage City was $60,000, making 
the total cost, of the Eastern Division, about $30,000 per mile, and the estimated 
oost of completing the Western Division $2,121,000, which, with the amount 
already expended, would make the total cost $2,402,892, or about $22,900 per 
mile. 

During the year 1857, most of the fraudulent transactions took place, and 
were brought to light by the panic and subsequent destruction of the Company's 
oredit, disclosing a career of reckless mismanagement without a parallel in any 
oountry. 

The following were the ascertained liabilities of the Company on the 31st Dec , 
1857, just one year after the comparative healthy state of the corporation in 
1856, as will be seen by comparing the liabilities of each year, viz. i 



440 capitalist's guide and railway annual. 

1S56 1,857. Increase. 

Capital stock $2,031,200 $,6555,574 4,524,374 

City of Milwaukee 314,000 314,000 

1 mortgage bond Eastern Division. . . 942,500 *921,000 

2 " " " 1,000,000 1,000,000 

1 " land grant bond, W. D. . . 2,500,000 2,500,000 

2 " " « " 353,600 353,600 

Unsecured bonds, 1862 107,000 107.000 

Construction" " 704,000 704,000 

" 1867 764,000 764,000 

Farm mortgage bonds 913,500 1,108,400 194,900 

Consolidation " (M.&W.R.K.) 35,800 210,000 174,200 

Real estate " ...: 6,000 6,000 

Interest dividend scrip b3,566 33,566 

Floating debt 68,608 1,274,259 1,295,651 

$4,412,603 $15,851,399 $11,460,291 

*Deerease, 21,500 



Total increase in liabilities in 1857 $11,438,791 

equal to $57,950 per mile on tbe whole line of road from Milwaukee to La Crosse. 

In the Sixth Annual Report, there appears to be $917,670 of stocks and bonda 
hypothecated for loans, $433,400 of which, probably, have been sacrificed to meet 
the advances to the company ; what amount of liabilities they retired is not 
known. The balance, $481,270, is held as collateral by the cities of Milwaukee 
and Watertown and towns on the line for municipal aid granted to the Milwaukee 
and Watertown railroad. The Report does not give the most distant intimation 
where the proceeds of this extraordinary increase of debts has gone, nor the per 
centage realized. It could not have been spent upon the road, for its total length 
during the year was increased but 71 miles, which includes 20 miles from Water- 
town to Columbus ; and making the liberal estimate of $30,000 per mile, for the 
work, it would absorb but $2,130,000. The Fourth Annual Report states, with- 
out giving the name of the contractor, that the contract price of the line from 
Milwaukee to Portage City to be $2,557,170. Upon its completion to Horicon, 51 
miles, it appears there had been expended on the Eastern Division $1,787,650, re- 
quiring $769,520 or about $17,500 per mile, to complete the 44 miles unfinished. 
But from the Fifth Annual Report a new contract, it appears, was made 29th 
March, 1856, with Chamberlain & Alden to prepare, in every respect, the road 
bed for the iron from Beaver Dam to Portage City at $12,000 per mile, which would 
amount to $408,000. Assuming, then, that Selah Chamberlain's judgment satis- 
fied his claim against the company down to the time he became lessee of the road, 
a very important item of construction is explained in the absence of any data in 
the Sixth Annual Report of the amount expended in 1857. 

There is accounted for the following sums, viz . : 

Construcion bonds of 1862 issued for charter expenses $1,000,000 

" " 1867 '* purchase of St. Croix and 

L. S. Railroad 1,000,000 

Consolidation bonds for stock Milwaukee and W. R. R. Co 210,000 

Stock sold in New York to pay debts of Watertown R. R 600,000 

" issued for lobby expenses at Madison 90,000 

Notes issued to Watertown and Madison R. R. Co 150,000 



$3,050,000 
This amount being deducted from the total increase in liabilities for the year 
1857, amounting to $11,438,791, will reduce the same to $8,388,791. 

If the average market value of the securities of this company, in 1857, be taken 
as a guide for the amount to be ascertained, as realized by the parties making 
and issuing its credit to the extent of $8,388,791, the result would be as followg: 
The average price of the stock in New York during 1857, was 41, and it fol- 
lows that a sale of 40,431 shares, the increase in the capital stock during the year, 
at that price, as well as the prices set against the other securities, would yield the 
following sums, vis? : 



LA CROSSE AND MILWAUKEE RAILROAD. 441 

40,431, shares stock (less amount hypothecated) 41. ... $1,657,671 

945,000 of the $1,000,000 2d M. bonds sold av. 80, ... . 756,000 

2,500,000 1 M. Land Grant Bonds av. price 1857, 60„. . 1,500,000 

153,600 2" " •' " 50,,.. . 76,800 

194,900 Farm mortgage " paid out at par 194,900 

S. Cnamberlain's judgment 629,089 

N.Cleveland's " 114,000 

From bills payable 366,762 

" accounts 90,636 

Balance Cash in Treasury, 1st January, 1857, $151,235 

Less floating debt due on that day 68,608 82,627 5,368,485 

From which deduct for 71 miles road built 

in 1857, estimate cost at $30,000 per mile $2,130,000 

Leaving to be accounted for $3,238,485 

The reader now comes to the semi official report of Mr. Stanton, dated Jan. 

17. 1859. By contrasting the liabilities of the year 1858 with those of 1857, the 

true state of the company will be apparent. 



LIABILITIES. 

1857. 1858 

Capital stock $6,555,574 $6,555,574 

Citv Milwaukee 314,000 314,000 

1 Mortgage Bond Eastern Division. 921,000 903,000 Dec. $18,000 

2 " " " 1,000,000 1,000,000 

1 " land grant, West. Div. 2,500,000 4,000,000 Inc, 1,500,000 

2 " " " 353 600 353 600 

3 " bonds on whole line.... 1,700,'000 Inc. 1,700,000 
Farm mortgage " ... 1,108,400 1,087,700 Dec. 20,700 
Unsecured " ... 1,785.000 1,785,000 

Mortgage upon corporate debt 6,000 5,000 Dec. 1,000 

Selah Chamberlain's judgment 629,000 809,154 Inc. 150,064 

N. Cleveland's " 114,000 136,000 " 22,000 

Other judgments 180,000 " 180,000 

Unpaid coupons 109,802 359,000 " 249, 198 

Floating debt 550,676 150,000 Dec. 400,676 

Dividend scrip 35,566 " 35,566 

$15,9S2,708 $19,338,028 
15,982,708 

Increase in 1853 $3,355,320 

The road represents a cost, by admitting the aggregate liabilities of $19,338,028, 
of $96,695 per mile. 

The road is now operated for the sole benefit of Mr. Chamberlain to satisfy, it is 
said, an imaginary claim against the company, (his former co-partner being one 
of the directors who voted to confess a judgment) ; and as this claim is constant- 
ly augmenting in size, it must be evident to the stockholders that they are hold- 
ing the franchise without any prospect whatever of ever knowing whether the 
liabilities of the company are for a consideration, or if so, what they were given 
for, unless they immediately cause the most searching investigation into the origin 
of these apparent frauds. The creation of these liabilities has been as follows : 

Increase in 1856 $1,183,777 

1857 11,438,791 

1&53 3 : 355,320 

Total for 3 years $15,977,888 

Had the stockholders sent proper persons to Milwaukee in the summer of 1857 to 



442 capitalist's guide and railway annual. 

investigate the causes of the great and sudden decline in their stock, it might have 
been selling to-day at 25, for at the very time of this great decline, the quantity of 
the stock was being increased 200 per cent., as now appears by the reports of the 
company. Here is over $6,000,000 plundered from the company by those having 
access to its property and control of its corporate credit when it was worth any- 
thing, and $3,000,000 unaccounted for.- Not even is there the usual schedule 
of disbursements since the 31st December, 1856, showing the amounts charg- 
ed to construction, equipment, loss on sale of bonds, or how and when the 
contractors were paid or the particulars of the two large judgments — why one was 
confessed and the other forced by litigation. These are facts which are shown by 
the Reports of the company; and if the stockholders are indifferent about an in- 
vestigation, the State of Wisconsin owes it to herself to institute a most rigid 
examination into the affairs of the La Crosse company for a wanton abuse of it* 
corporate privileges. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

12 mos. ending 12 mos. ending 

June 30, 1857. Sep. 30, 1858. 

Gross receipts on 95 miles road $407,196, on 156 milet* road $452,779 

Expenses 204,933 202,426 

$202,263 $250,353 

From which deduct : 

Interest on IstM. Bonds, E. Div $64,470 $63,210 

Sinking fund on " .. 21,500 18,000 

Interest on 2d M. " " .. 80,000 80,000 

" Milwaukee City bonds. 21,980 187,950 21,980 183,190 

Applicable to S. Chamberlain's judg't. $14,313 $67,163 

The principal and interest of this judgment amounted on the 1st Jan 1859, to 
$809,154, which at 12 per cent., the legal interest of Wisconsin on special contracts, 
makes the annual charge for interest alone upon the income of the road $96,198. 
It will be perceived that the amount has been increased both in 1857 and 1858, 
and to meet it and the other items above for the current year of 1859, with the 
same per centage of operating expenses as in 1858, the road will be obliged to 
earn, in 1859, the sum of $534,790. This amount will probably be exceeded, as 
the year's receipts ending 31st Dec, 1858, amounted to $492,453 upon the average 
of 156 miles of road. If the business increases this claim will be reduced in 1859 
by a payment upon the principal. 

The following securities of this company are the only ones which can, in the 
present condition of its affairs, be regarded as of any value. 

1. 1st mortgage bonds on Eastern Division, 95 miles, 

par $903,000 

2nd " " " " " par 1,000,000 

Claims for consideration money, right of way,<tec " 75,000 

Mortgage upon corporate property " 5,000 

Equal to $20,873, per mile of road $1,983,000 

2. Belah Chamberlain, judgment and interest 809,154 

Land grant bonds, 1st mortgage on 105 miles road, 

45 per cent 1 ,800,000 

N . Cleveland's judgment, ultimately 136,000 

Other judgments " 180.000 

h $2,925,154 

Total $4,908,154 

3. City of Milwaukee, contingent value. 

Coupons on land grant bonds one year, contingent value. 



MILWAUKEE AND HORICON RAILROAD. 443 

Farm mortgage bonds and coupons, of no present value unless in the lands 

held by them. 
3d Mortgage 

Unsecured " " " worthless 

Stock 
Most of the floating debt. " 

OFFICERS. 

N. P. Stanton, President. En Perry, Vice-President. 

Selah Chamberlain, Lessee. 

Directors. 

N. P. Stanton, Jacob H. Spear, D. V. N. Radcliff, 

Eli Perry, William Watson, W. E. Smith, 

Artemas Fish, George W. Luther, I. P. McGregor. 



LACKAWANNA AND BLOOMSBURO RAILROAD. 

From Scranton to Rupert 57 miles . 

Connecting at Scranton with the Delaware, Lackawanna and Western Railroad. 
" Pittston " Pennsylvania Coal Company's " 

" " Kingston " Lehigh and Susquehanna " 

" " Rupert " Calamma, Williamsportand Elmira " 

No report received for 1858. 

The cost of the road is understood to have been $1,650,000 

or, $28,930 per mile. 



OFFICERS. 

Edwin McNeil, President. Henry Woodhouse, Secretary. 

P. Pethbone, Treasurer. 



MILWAUKEE AND HORICON RAILROAD. 

From Horicon to Berlin, Wis 42 miles. 

Connecting at Horicon with the La Crosse and Milwaukee, and at Burnet with 
Chicago, St. Paul and Fond du Lac railways. 

It was the design of. the projectors of this road to extend it to Stevens' Point, in 
Portage County, but the want of means has prevented, and but little work has 
been done north of Berlin. 

The company having failed to pay the interest upon its 1st mortgage bonds due 
1st January, 1859, the bondholders in New York held a meeting, in which & large 
amount was represented who requested, the trustee to proceed immediately and 
take possession of the road and all the property embraced in the mortgage, and 
to advertise and sell the same, provided, the coupons and such expenses as have 
been incurred in the preliminary proceedings for a foreclosure shall be paid to the 
trustee on the 1st February, 1859, then such proceedings shall be discontinued. 
The interest was not paid, nor has the road been sold. 

There has been no report issued since the first of April, 1857. The road to that 

time had cost for the 42 miles from Horicon to Berlin $903,758 

Value of work done north of Berlin $140,000 

or, $21,519 per mile. $1,043,758 



444 capitalist's guide and railway annual. 



The following were part of the resources of the company : 

1st mortgage 8 per cent, bonds $420,000 

2nd " 8 " " 600,000 

Farm " 10 " " 150,000 

Town of Berlin 8 " " 100,000 

" "Ripon8" " 50,000 

Total bonded debt $1,320,000 

The amount of private subscriptions and floating debt is not stated, nor can the 
receipts of the road or operating expenses be ascertained for 1S57 and 1858. The 
report gives the total earnings of the road for IO5 months at $60,077, on an aver- 
age of 17 miles of road, equal to $3,844 per mile, per annum, ^n order to have 
provided punctually for the interest on the above debt and sinking fund on the 
1st mortgage bonds, the road would have been obliged to earn in 1858, (estimat- 
ingthe operating expenses to be 50 per cent, of the gross receipts) the sum of 
$227,200 or $5,410 per mile. Judging by the failure to provide for the interest on 
its 1st mortgage bonds, the receipts were far below this sum. The company is 
much embarrassed in its finances, and many of its securities have gone out of the 
possession of the company for a trifling consideration. 



OFFICERS. 

J. B. Smith, President. D. H. Richards, Treasurer. 

J. N. Mason, Secretary* Jesper Vliet, Superintendent and Eng'r. 

Directors. 

J. B. Smith, D. H. Richards, J. Bowen, 

Garret Vliet, Jesepr Vliet, J. F. Heazlitt. 

Andrew Warren, 



DUBUQUE AND WESTERN KAILR0AD. 

From Farley (on Dubuque and Pacific railroad) to Cedar Rapids 53 miles. 

(in progress.) 

The first section, between Farley and Anamosa, 30 miles, was let prior to the 
financial crisis in 1857, for $860,210. 

Payable in cash $216,210 

" 1st mortgage bonds 4 344,000 

$860,210 
The company had in resources at that time : 

Proceeds of Dubuque City Bonds $212,500 

Subscriptions in Dubuque and Anamosa 420,300 

1st mortgage bonds 344,000 

$976,800 

During the crisis the work was suspended for awhile, but since the spring of 1858 
it has been resumed and its completion to Anamosa during the year 1859 rend- 
ered probable, principally by aid in the shape of post notes, contributed in ex- 
change for its stock, by the citizens of Dubuque. The second division, from 



MOBILE AND OHIO RAILROAD. 445 

Anamosa to Cedar Rapids had not been put under contract to 1st January, 1859. 
The estimated cost for the 23 miles is about $600,000 exclusive of equipment and 
Station buildings. Linn County had voted $200,000 for the Iowa Central, which 
probably would never be built, and it was thought this sum could be directed to 
aid this road, as it would build the 5 miles from Cedar Rapids to Marion. 

The iron has been laid to Monticello, and a portion of the quantity required to 
extend it to Anamo?a has been purchased. 

The report for 1858 has not been received, consequently the present finances of 
the company, or the amount expended for construction cannot be given. 



OFFICER. 
J. H. Longworthy, President. 



MOBILE AND OHIO KAILR0AD. 

On page 97 will be found the annual report for the fiscal year ending February 
28, 1858 The affairs of the company are now brought down to the 1st January, 
1859. During the ten months intervening there has been completed and put in 
operation 28 miles on the southern division, and 87 miles on the extreme northern 
end, from Jackson, Tenn , to Columbus, Kentucky. 

The gross earnings as compared with those of 1857, are for the fiscal year end- 
ing on the 1st January of each year as follows : 

185S. 1859. 

Southern division receipts $554,382 $751,881 

Northern " " 17,906 

Total receipts $554,382 $769,787 

Expenses ($18,136 on Northern division) 275,953 349,785 

Netearnings $278,429 $420,002 

Increase in net earnings about 50 per cent. 

1^8. 1859. 

Net income from gross receipts 50„30 52, ,09 Inc 1„79 

" on cost of road 4,,22 8,,62 " 4,. 40 

" for stockholders 2„64 " 3„28 

Deficiency " 64 " 

Net earnings on length of road, per mile.. $1,200 $1,712 $512 

Comparisons with 1858 : 

Liabilities. Increase. Decrease, 

Capital Stock $652,063 

State of Tennessee 238,861 

" Mississippi 65,971 

" Alabama 100.000 

Funded debt 943,005 

Mobile tax bonds 400,000 

Floating debt $919,173 

Contractors 263,764 

Land department 63,071 

$2,462,971 $1,182^937 
1,182,937 

Net increase of liabilities $1,280,034 

38 



440 capitalist's guide and railway annual. 



Assets. Inc. 

Construction $1,083,334 

Equipment..,. 89,344 

Real estate 1,220 

Materials 

City loan 

State loan „ 

Cash 23,145 

Income account 

$1,197,043 
579,387 

Net increase of assets $617,656 



See. 



$4,803 
400,000 
100,000 

74,584 



$579,387 



NORTH EASTERN (S. C.) RAILROAD. 

(For Report of 1858, see page 163.) 
BALANCE SHEET. 



Dr. 




Feb. 28, 1859 




Cr. 


Cost of road and 






Capital stock 


$897,243 


equipment 


$2,740,339 




Preferred " 


75,500 


*Le&s net earnings 






IstM. bonds 


700,000 


since 1856 


158,832 




2nd " " 


224,500 






$1,915,507 


Real estate do 


35,910 


1st M. bonds on 






Bills payable 


98,266 


hand 


8,000 




Accounts ..... .... 


9,906 


2nd M. bonds on 










hand 


75,000 








Cheraw&D.Rtl. 


14,269 








Bills receivable. . . 


895 








Cash 


23,164 


- 








125,818 
$2,141,325 1 








$2,141,325 



*185G. 
1857 
1858. 
1859. 



$8,243 

20,248 
34,197 
96,144 

$158,832 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Feb. 28 1858 on 77 m. 1859 on 102 miles. 

Gross receipts $99,403 $220,014 Inc $120,611 

Operating expenses 61,132 123,869 " 62,737 



Net earnings $38,271 

Increase in gross receipts in 1859, 121 per cent. 
" net earnings in " 151 " 



$96,145 



$57,874 



DELAWARE, LACKAWANNA AND 

1858. 

38„50 

2„ 



WESTERN R. R. 447 



Net income from gross receipts, per cent. 
" on cnst of road, &c. " 

" for old stockholders " 

Deficiency (see page 165) do " 

Net earnings on length of road, per mile. 



3„22 

$496 



1859. 

43„70 
5„02 
I„84 

$942 



Inc. 



5.. 20 
3; ,02 

5„06 

$446 



The officers and directors are the 3ame, with the exception of T. P. Huger, as 
in 1858. 



DELAWARE, LACKAWANNA AND WESTERN RAILROAD. 

(For Report of 1857, see page 76.) 

The report of this company to 1st January, 1859, shows a very gratifying in- 
crease of revenue in every department, which, if continued, must soon place its 
finances in an easy and comfortable position, — thus verifying the predictions of 
its managers when the company asked for relief immediately after the panic of 
1857. The floating debt has been reduced since the 30th April, 1858, $189,572, 
and the assets applicable to its further reduction, were, on the 1st January, 1859, 

Cash $83,027 

Bills and accounts receivable 482,485 

Total $565,512 

COAL BROUGHT OVER THE ROAD FOR THE PAST TWO YEARS. 

1857. 1858. 

Tons of Tout of 

2,000 lbs. 2,000 lbs. 

Mined by the company 171,550 331,394 Inc. 159,844 

others 248,008 350,270 " 102,262 

Totals 419,558 681,664 262,106 

The increase in tonnage in 1858 is 62£ per cent. 



Dr. 



INCOME ACCOUNT. 
Dec. 31, 1858. 



Cb. 



Operating expen- 
ses of road 

Coal department. . 

Coal on hand Jan. 
1,1856 

Interest 

Rents, &c 

Insurance, interest 
and losses 

Renewal fund.... 

Surplus 



1857. 



$608,72P 
1,369,731 

101.300 
444,011 
166,320 



218,882 
$2,908,973 



1858. 



$548,902 I 
2,071,792 ! 

139,721 

509,361 1 
54J500 

39,325 
100,000 
371,364 

$3,835,065 



Surplus, Dec, 31st 
Gross earnings : 

From transporta- 
tion 

Sales of coal and 
stock on hand. 
Deo. 31 

Warren &L.&B 
R R.Co's 

Other receipts 



1857. 



$58,564 

1,283,226 

1,542,162 
25,021 



$2,903,973 



$218,882 



2,161,961 

18,720 
4,993 

$3,835,065 



448 

RESULTS OF THE BUSINESS OF THE COMPANY FOR THE PAST TWO YEARS. 

1857. 1858. 

Receipts from all sources $2,850,409 $3,616,183 Inc. $765,774 

♦Expenses of all kinds 2,079,760 2,799,740 " 719,980 

Net earnings $770,649 $816,443 $45,794 

* Exclusive of rents, interest and renewal fund. 

Increase in 1858, in receipts, 27 per cent. 
" " net earnings, 6 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 27,,40 22, ,70 Dec. 4, ,70 

" on cost of construction " 9, ,15 9, ,28 Inc. „13 

for stockholders " T 6„51 11„05 « 4„54 

t On page 79 the per centage on capital stock is set down as "nothing" for 1857, 
because the full amount of the accrued interest on the debt of the company was 
not charged to income account. It makes but little difference with stockholders, 
as the apparent surplus could not be divided in the deranged condition of the 
finances of the company at that time. 



LEXINGTON AND BIG SANDY RAILROAD. 

From Lexington, Ky., to the mouth of the Big Sandy River. 133 miles. 

(in progress.) 

Finished, from Lexington to Manchester 20 miles. 

Graded a Manchester to Mt. Sterling 17 " 

Located " Mt. Sterling to the Ohio River 96 " 

Total length 133 miles. 

No report received for 1858. 

From that published in 1857, it appears the means applicable for construction 
were derived from the following sources : 

County bonds $722,000 

Subscriptions 107,866 

Due for Bonds sold 68,080 

Real Estate (principally from lots) 20,100 

Depot grounds at Hampton City 250,000 

25,000 acres coal lands, $12 300,000 

Bonds of the City Lexington 150,000 

Interest due from " 30,000 

Aid of Lexington and Frankfort railroad company 50,000 

" Louisville " " " .... 100,000 

$1,798,046 

Amount expended to July 1, 1857 694,024 

Excess of means • $1,104,022 

With outstanding debts, viz. : 

Due to Western Bank, Mass $40,000 

" other banks and banking houses 97,938 

Ohairs, spikes and right of way '5,370 

Total $143,108 



LAFAYETTE AND LA SALLE EAILEOAD. 449 

Very little work has been done on the road since the financial panic of 1857 ; 
and from the character of the assets it was not difficult to foresee that any further 
attempt to build the road, with the present means of the company, would be 
futile for the present. The road, and materi Is belonging to it, were sold on the 
29th October, 1858, at Ashland, to Joseph Glover, for $26,000. 



ANNAPOLIS AND ELK RIDGE EAILEOAD, 

From Annapolis to Annapolis Junction (on Washington Br. R. R.). . 21 miles. 

Connecting with Baltimore and Washington City twice a day, and steamers from 
Annapolis. 

No report received. 

Cost of road $462,000 

No debt, except its liability to the State of Maryland. 



OFFICERS. 

Wm. Bryan, President. Thos. Gaither, Sec'y and Treas. 

Joshua Brown, Superintendent. 

Directors. 

Wm. Bryan, R. H. Holton, Thos. A Mitchell, 

Richard McKubbin, James Sands, Jos. Nicholson. 

Geo. E. Franklin, 



Danl. T. Hyde, }_ .. „ . 1 
Ben j. E. Youra, J on tl J JffiJ 
Nicholas Brewer, $ * S 



LAFAYETTE AND LA SALLE RAILRA0D. 

From Lafayette, Ind., to La Salle, 111 126 miles. 

(projected.) 

A glance at the map will show that Central Indiana requires a more direct route 
to Chicago and the northwest than by the way of Michigan City. The present 
efforts of the company are directed to the construction of tbe first division, from La- 
fayette to Ashkum, on the Chicago branch of the Illinois Central railway. It will 
pass through the centre of Benton Co., Ind., and Iroquois Co., Illinois. intersecting 
at Middleport, in the latter county, the Toledo, Logansport and Burlington road, 
in process of construction from Gilman to Logansport. The route surveyed is so 
extremely favorable for cheap construction, that the estimated cost for graduation 
will not amount to over $4,000 per mile, to be raised by subscriptions. The prairie 

88* 



450 capitalist's guide and railway annual. 

lands in Benton and Iroquois are of the best quality, and liberal subscriptions in 
lands along tbe line have been made, which, it is thought, with the assistance of 
other roads from the east passing through Indianapolis to Lafayette, secure the 
grading of the road from Lafayette to Ashkum. This being done, the Lafayette 
and Iudianapoiis railroad Company, of which this road will be virtually an exten- 
sion, has agreed to endorse its bonds to an amount sufficient to purchase the iron 
rails for the first division. With these resour es the company can, no doubt, in- 
crease their subscriptions for enough to equip the road and furnish it with station 
buildings and appurtenances necessary for traffic. From the connections at both 
terminal points on the first division, the advantages for revenue will enable the 
road to command a large share of the travel and freight destined to and from 
Chicago from Central Indiana and Southern Ohio. 



OFFICERS. 

A. S. White, President. — Twining, Chief Engineer. 

Cyrus Ball, Treasurer. 

Directors. 

A. S. White, Moses Fowler, - Owen Ball, 

*H. L. Ellsworth, Cyrus Ball, H. W. Chase. 

J. S. Hanna, M. L. Pierce, 

♦Since deceased. 



NEW ORLEANS AND 0PEL0USAS, AND OREAT WESTERN R.B. 

From Algiers (opposite New Orleans) to the Texas State line 257 miles. 

In operation, from New Orleans to Brashear 80 miles. 

The road will be extended from Brashear to the Sabine river, and from thence 
along the Texan coast to the Rio Grande, passing through Houston and all the 
.seaport cities that can be reached without too expensive bridges over the bayous 
and inlets. 

No efforts have been made during the past year to raise means from its 
securities for the further prosecution of the work, partially owing to the overflows 
•during the most favorable time of the year for construction. 

The receipts for 1856 were (for 73 miles) $206,365 

" " 1857 " "80 ■« 284,178 

" « 1858 " " 80 " 225,577 

The interruption, by water, prevented a part of the completed line from being 
used for several months, causing an unexpected decrease in the revenues of the 
road from traffic. The crevasse commenced on the 11th April, 1858, and gradu- 
ally extended to Lafourch River, rendering this part of the line impassable until 
the 25th October for the passage of trains. 

The following is a comparative statement of the gross earnings for the five 
months when the road was fully operated : 

1858. 1857. 1856. 

January $33.249 69 $18,066 33 $16,09518 

February 30,385 95 22,704 77 20,568 59 

March 32,629 01 15,803 69 15,603 54 

November 40,962 55 28,229 77 18,857 02 

December 48,719 30 35,267 59 21,68137 



KEOKUK, MOUNT PLEASANT AND MUSCATINE R. R. 451 



Dr. 



BALANCE SHEET. 
Fiscal Year ending December 31, 
Office, New Orleans. 



Cr, 





$3,382,948 
362,291 

41,379 | 

2,400 ; 
24,246 j 

90,183 1 

\ 




$1,002,957 




State of Louisiana 

City of New Orleans 

Floating debt 


621,000 


Real estate not in construc- 


1,500,000 
549,997 




229,493 


Steamboats and barges. . . . 












$3,903,447 


$3,903,447 



Cost of road with equipment, about $46,800 per mile. 

The debt, January 1, 1858, was about $750,000, and it is now about 470,000. 
The directors have determined to withdraw the bonds issued in June, 1857, none 
of which have been sold, and to issue others at from 20 to 30 years, and these are 
now being prepared. For continuing the road to the Sabine river, the means are 
to be raised by the $2,000,000 of bonds of the Company. These bonds are secur- 
ed by first mortgages of the line already completed, and by sales of lands between 
New Orleans and Opelousas. The punctual payment of the interest on the bonds 
to be provided for by special monthly deposits in bank, secured against withdraw- 
al for any other purpose whatever, and from sales of lands beyond Opelousas 
(about 500,000 acres). A sinking fund is to be established for the final redemption 
of the bonds and consequent discharge of the mortgage. 



OFFICERS. 



"W. G. Hewes, President. 
A. B. Se&er, Vice President. 



Wm. W. Wadley, Sup't and Ch. Eng. 
Benj. F. Flanders, retary. 



KEOKUK, MOUNT PLEASANT AND MUSCATINE RAILROAD. 

From Keokuk, Iowa, to Columbus City 69 miles. 

In operation, from Keokuk to Montrose 11 miles. 

Under contract, from Montrose to Mt Pleasant 34 " 

Surveyed " Mt. Pleasant to Columbus City.... 24 " 

Total length 69 miles. 

Columbus City is on the Osealoosa branch of the Mississippi and Missouri road, 
in operation from Davenport through Muscatine to Washington, and is 20 miles 
from Muscatine, leaving 58 miles to construct in order to get an unbroken line of 
railway from Keokuk to Chicago, by the way of Davenport and the Chicago and 
Rock Island railroad. The completion of this road would furnish to the citizens 
of Keokuk a convenient and expeditious route to Chicago. 

No report for 1858. 

The amount expended upon 11 miles of road, as per Report of 1857, 

was $212,400 

equal to $19,300 per mile. 



452 capitalist's guide and railway annual. 

Derived from : 

Subscriptions to capital stock $120,950 

by Lee County 150,000 

" City of Keokuk 200,000 

" Henry and Louisa Counties 50,000 

$520,950 

The present condition of the company's finances are not known, but from the 
depreciation in credit of the above securities it will be difficult to carry on the work 
with them or anything short ot subscriptions in cash. The compiler has been 
unable to procure information respecting the future intentions of the directors 
with respect to the completion of the road or its temporary abandonment. 



OFFICERS. 
L. Dewey, President. John W. Ogden, Secretary and Treas. 

Directors. 

J. K. Hornish, Smtth Hammill, J. B. Lash, 

R. P. Lowe, Charles Parsons, Robert Wilson, 

Win Patterson, L. Dewey, C. N. j McDowell. 

J. Shelly, G. G. Hamilton, 



COLUMBQS, PIQLIA AND INDIANA RAILROAD. 

From Columbus, O., to Union, Ind 103 miles. 

Connecting at Columbus with Central Ohio Railway. 

" " Cleveland, Columbus, and Cincinnati railway. 

" " Columbus and Xenia " 

Milford Centre with Springfield, M. V. and Pittsburg " 
Urbana " Sandusky, Dayton and Cincinnati " 

Piqua '* Dayton and Michigan " 

* Union " Indianapolis, Pittsburg & Cleveland " 

" " " Greenville and Miami " 

The numerous connections give this road valuable advantages for revenue, and 
its completion in May, 1859, will enable it to compete with the numerous lines for 
the through business west of Union. As an air line through central Ohio to the 
Ohio river, its advantages are superior to any of its rivals for traffic, particularly 
for distant points east of Pittsburg. 

The compiler has been unable to obtain a report of the company, or learn the 
particulars of the cost of the road, its assets, resources, or liabilities. For several 
years it has been laboring under financial embarrassments and has experienced 
much trouble in extricating itself from them. Atone time it was in the posses- 
sion of a receiver, but it has now nearly surmounted all the d.fficulties which 
have retarded the completion of the road to Union. Means necessary, to finish 
and equip the whole line have been furnished, but how or by whom it could not be 
ascertained. 

OFFICERS. 

M. G. Mitchell, President. John Ferson, Secretary. 

R. Walk.lt, Treasurer. John H. Watkins, Superintendent. 



MICHIGAN SOUTHERN & NORTHERN INDIANA R. R. 453 

Directors. 



M. G. Mitchell, 
S M. Raisbeck, 
Joseph Ridgeway, 
John R. Hilltard, 



A. Steward, 
Samuel Jeanes, 
James Ftjlington, 
E. Martin, 



A. C. Alexander, 
R. E. NErL, 
J. W. Yandes. 



MICHIGAN SOUTHERN AND NORTHERN INDIANA RAILROAD . 

Main line, from Monroe to Chicago 274 miles. 

Goshen Br. " Toledo Junction to Dunlap Turnout. . . 120 " 

Jackson" " Lenawee station to Jackson 42 " 

St. Joseph'3 Valley Branch, from White Pigeon to Three 

Rivers 8 " 

Toledo Air Line, from Toledo to Air Line Junction. ... 3 " 
Goshen Branch Extension, from Junction to Michigan 

State line 7 " 

Detroit M. & T. R. R. from Detroit to Ohio State line 55 " 

509 milei. 

Erie and Kalamazoo R. R. from Toledo Junction to 
Adrian, Mich, leased 30 miles. 

Total operated by the Company 539 miles . 

DISTANCES TO CHICAGO : 

From Toledo via Goshen Branch to Elkhart 133 miles. 

i; Indiana railroad 100 " 

233 miles. 

From Toledo via Erie & Kalamazoo R. R. to Adrian. 33 miles. 
" Michigan to S. and N Ind. railroad. . 210 " 

243 miles. 

From Monroe Pier via S. and N. Ind. railroad 246 " 

" Detroit " Detroit, and M. cfc Toledo R. R. 40 miles. 

" Michigan S. and N. Ind. " 244 " 

284 

" Detroit " Michigan Central " 284 " 

The consolidation of the two roads indicated by the title of this company took 
place on the 26th April, 1855, and derive their corporate privileges from four 
States. The Erie and Kalamazoo road is operated under a lease at an annual 
rental of 9 per cent, on its capital stock. The connections, which are numerous, 
give the road superior advantages for traffic, but like all kinds of business, when 
the efforts are so divMed or extended, the ditf ;rent lines are operated under a 
heavier expense than if in one piece of road. They are as follows : 

At Toledo with the Cleveland and Toledo Railway. 

" " Dayton and Michigan " (progressing.) 

" " Detroit, Monroe and Tol. " 

At Elkhart " Main line of this road. 
Laporte with the Peru and Chicago Railroad. 

s * " Pittsburg, Fort Wayne and Chicago railroad. 

Chicago " Chicago and Rock Island " 

and other roads diverging from Chicago. 



454 capitalist's guide and railway annual. 

Detroit with the Michigan Central railway. 

" " Detroit and Milwaukee railway. 

" # M Great Western (Canada) " 

Adrian " Jackson branch of this road. 

also with steamers on Lake Erie at Detroit, Monroe and Toledo, and at Chicago 
with steamboats on Lake Michigan. 

Prior to the consolidation, and for one year subsequent, this road enjoyed a liber- 
al patronage, and being operated cheaper, earned a fair dividend for its stockhold- 
ers. Had its internal affairs been conducted with system and economy, and had 
the stockholders been more particular in the selection of managers, their property 
would not have continued to sink in value since the panic of 1857. The 
abuse of railway credit, during the years that confidence prevailed in rail- 
way investments was very great, but with no company to such an extent as 
this. As a proof of its profligate use it is only necessary for the stockholder 
to inspect the list embracing the $1,312,534 of assets deposited with the trus- 
tees of the 2d mortgage, most of them being: for aid to other roads — among the 
number is the Terre Haute and Alton, which is not only not a feeder to this road, 
but is located 200 miles distant from it. Expensive steamers, to carry on a ruin- 
ous competition with* its rival have brought the company annually in debt, swal- 
lowing up large sums earned by the road. But, perhaps, the greatest drawback 
upon its prosperity is in the manner of keeping its accounts. Without system 
in this department, the directors cannot keep a watchful eye over the numerous 
expenditures for operating the road, or prevent leakages to a large amount annually. 
The last balance sheet published by this company was in the circular addressed to 
the stockholders on the 1st May 1857, asking relief by subscription to the guaran- 
teed stock. The reports of 1858 and 1859 are without these necessary guides, 
making it exceedingly difficult for the compiler to get at the true condition of the 
company on the 1st March, 1859. To assist the reader, however, in reaching an 
approximate idea of the balances, on that day, he has taken the liabilities and as- 
sets for the several periods embraced in the three last reports of the company. 

LIABILITIES : 

From Bal. Sheet From Report From Report 
May 1, 1857. Jan. 1, 1858. Mar. 1, 1859. 

Old stock $8,460,100 $5,983,200 $6,081,800 

Guaranteed stock 2,893,200 2,893,600 

Income bonds due in 1857 10,000 

M.S. " " 1860 993,000 993.000 993,000 

N. Ind. " " 1861 985.000 985.000 985,000 

Erie&K. " " 1862 300.000 300.000 300,000 

M.S. " " 1863 332.000 282.000 259,000 

N. Tnd. " " " 359,000 307.000 299,000 

Jackson Br. Bonds " 1865 222,000 218,000 203,000 

Goshen " " " 1868 1,372,000 1,361,000 1,335,000 

Detroit & T. " " 1876 291.000 336,000 

Sinking Fund " " 1885 2,083,000 2,256,000 2,458.000 

2d Mortgage " " 1877 1.600,000 2,175,000 

Bills payable due 1858 2,279,099 1,368,073 816,460 

Other loans 161.400 91,438 

Due Sinking Fund 1,014 60,233 101,691 

" onguar'yof D.M&TR.R. 101.566 173,416 15,561 

Unclaimed int. and dividends... 22,788 72.378 17,961 

Steamboat debts 82. 501 4,000 

Emplovees and operat. expenses 142,884 144,844 

Miscellaneous 131,006 

Taxes, Indiana and Michigan... 23,103 45,484 

Balance of Income Account 

Totals $17,705,070 $19,460,343 $19,595,407 



MICHIGAN SOUTHERN & NORTHERN INDIANA R. R. 455 

VARIATIONS IN TWO YEARS. 

Increase. Decrease. 

Capital Stock * $511,300 

Funded Debt 2,687,000 

Floating " $1,291,860 

$3,108,300 
1,291,860 

Net increase $1,906,440 

ASSETS. 

Balance Sheet From Report From Report 
May 1,1857. Jan. 1, 1858. Afar. 1, 1859. 

1. Construction $12,559,444 $13,134,848 $13,106,825 

Detroit, Mich, and Toledo R.R. 565,718 1,346.035 1,411,067 

Steamboats 533.586 676,932 69^.245 

2. Equipment 1,598,881 1,607,906 1,607,906 

Roads and steamboats $15,257,629 $16,765,721 $16,824,043 

Materials and fuel 246,207 246.648 208,392 

Detroit,M&T&stockofthisCo. 347,914 439,5001 

Stocks of other companies 3S0.021 297,030 | 

Bonds " " 356,800 379,940 ). * 1,312,5*4 

Bonds and mortgages 48,214 9.600 | 

Debts due the company 4^3,996 852,037 J 

2d M. bonds in pledge 500,000 

Uncollected reveuue and cash in 

cashier's hands on line of road. 420,642 124,259 66,000 
Agent of stockholders, for sub- 
scription to bouds 324,515 

Cash in bank at New York 134,147 

Unexplained differences 21,092 684,438 

Totals $17,705,070 $19,460,343 $19,595,40? 

1. Cost for 1859, including equipment, $31,681 per mile. 

2. Consists of 91 locomotives, 135 passenger, baggage and mail, 948 freight and 

28 service cars. 

VARIATIONS FN TWO YEARS. 

Increase. Decrease- 

Construction $547,381 

Detroit, Michigan and Toledo railroad 845,349 

Equipment 9.025 

Steamboats 164,659 

Materials and fuel $37,815 

Railroad securities 196,089 

Cash means 518,589 

Unexplained differences 684,438 

$2,446,941 $556,404 
556404 

Net increase ..... $1,890,537 

* In the hands of the trustees of the 2d mortgage bonds ; no details given, 
and probably of little value. 



456 capitalist's guide and railway annual. 



Dr. 



INCOME ACCOUNT. 
For 1856. 



Cr. 



Operating expenses of road • $1,321,007 

Expenses and losses on 

boats I 227,761 

Taxes 50,000 

* Interest and general ex- 
penses I 370,607 

Two dividends, 10 per cent. 645,050 

Surplus 100,421 



Earnings of road. 

" " boats 

Mails receipts... . 



$2,714,848 



$2,556,040 
115,566 
43,242 



| $2,714,848 



* This item is difficult of solution. In 1855 the funded debt amounted to 
$5,800,000, requiring an annual appropriation of interest of $411,000 ; added to 
this was the expense in the shape of interest, commistions and exchange in carry- 
ing the floating debt ($1,500,000) of at least $150,000, making the item of 
interest alone $561,000, besides general expenses. The reader, therefore, must 
draw his own inference whether the two dividends paid in 1856, were from the 
earnings of 1855-6. 



Dr. 



INCOME ACCOUNT. 
For 1857-S. 



Cr. 



Operating expenses, road. . 
" " steamboats 

Expenses N. Y. Office, &c. j 

♦Dividend, 5 per cent j 

t Interest on funded Debt. . ! 

" Floating " 
^Sinking Fund 



$1,576,456 
112,876 

75,844 
416,455 
475,230 
170.834 

67,500 



$2,895,195 



Earnings of road 

" " steamboats 

Storage, &c 

Deficiency 



$2,193,687 
81,509 
34,291 

585,708 



$2,895,195 



* This was, no doubt, from the supposed profits of 1856. 

t Estimated. No amount is stated as having been paid in report of 1856, either 
upon the Funded or Floating debt. 

4: One per cent, on the maximum amount of bonds to be issued under the sink- 
ing fund mortgage is to be annually paid to the commissioners of the sinking fund 
to retire said bonds or pay them at maturity. 

It will be seen that exclusive of the dividend declared in January, 1857 (the 
last one ever paid by the company), the charges to the income of the road exceed- 
ed its revenues by $169,253. 



INCOME ACCOUNT. 
For 1858-9. 



Operating expenses of road 

Expenses N. Y. Office 

Rent E. & Kalamazoo RR. 
Interest on Funded Debt.. . 
* " " Floating Debt, 

as far as paid 

Exchange 

Sinking Fund 

Surplus 



$1,196,126 

46,026 

27,000 

635,087 

44.249 
2,146 

67.500 
1.291 



Earnings of the road, viz 

Passengers 

Freight 

Mails and express 

Storage 

Miscellaneous 

Propellers 



$2,019,425 



1920,174 

847,329 

77,399 

25.091 

145,757 

3,675 



$2,019,425 



* The accrued interest on the Floating Debt of this year could not have been less 
than $100,000, and it follows that had the debt been liquidated the excess over the 



MICHIGAN SOUTHERN & NORTHERN INDIANA R. R. 457 

amount already charged would have appeared in this account, bringing the com- 
pany in debt, from the year's operations, about $60,000. Of .the outstanding 
floating debt, on 1st March, 1859, $623,553 is past due. 

RECAPITULATION. 

1856-7. 1857-8. 1858-9. Total. 

Interest on Funded Debt.... $411,000 $475,230 $635,087 $1,521,317 

Floating " .... 150,000 170,834 100,000 420,834 

Sinking Fund 80,000 67,500 67,500 215,000 

Payments $641,000 $713,564 $802,587 $2,157,151 

Add dividends paid 645,050 416,455 1,061,505 

Total amount paid for interest, sinking fund and dividends . . . $3,218,656 
1856-7. 1857-8. 1858-9. 

Net earnings $1,116,078 $541,387 $750,273 $2,407,738 

Excess of payments over receipts from income $810,918 

The two last reports of the company lack a full and candid exposition of its in- 
ternal finances, particularly in not supplying all the necessary information from 
the Income Account, — such as stockholders and bondholders want, and a descrip- 
tion of its assets other than what is invested in the road ; the annual charges to 
it for interest, whether the company has paid it or not. They then could arrive 
at some satisfactory conclusion respecting the unexplained amounts necessary 
to force a balance in 1857 and 1858. 

ANALYSIS OF THE BUSINESS OF THE ROAD FOR THREE YEARS. 

For the year ending December 31 1856. 1857. 1858. 

Gross receipts $2,714,848 $2,193,687 $2,019,425 

Operating expenses 1,598,770 1,652,300 1,269,152 

Net earnings $1,116,078 $541,387 $750,273 

Falling off in receipts in 1857 over those of 1856 19,, per cent. 

1858 " 1857 7„92 " . 

1858 " 1856 25„75 " 

Decrease in net earnings 1857 '* 1856 52„25 " 

Increase " 1858 " 1857 38„70 « 

Decrease " 1858 « 1856 32„34 « 

1856. 

Net income from gross receipts, per cent 41., 32 

" on cost of road, steamers, equipments, &c. . 9„62 

on the liabilities of the company per ct. 8,,39 

on debt of the company " 17,,69 

" for stockholders (old) " 6„30 

" " (guaranteed) " 45-1000 

Deficiency of income to meet expenses, interest on fund- 
ed and floating debt, rent of Kalamazoo road and 
sinking fund (on old stock,) per cent. 5„43 

Net earnings on length of road operated, per mile $4,593 $1,004 $1,429 

Number of miles in operation 257 539 525 

The net earnings per mile of road operated indicate its capacity for revenue. 

There can be but little doubt that, even with the return of general prosperity 
throughout the Western States, the advantages for a steadily increasing traffic 
have not materially diminished by the two new lines opened since 1856. 

The average expenses for operating the road for 1856 and 1857 are just 6 per cent, 
more than on the Michigan Central. Both are too high as compared with other 
roads, and the increased cost is from running too many daily passenger trains^ 
Until there is a reduction in the operating expenses, it is doubtful if the ex- 
cess of net earnings, after the payment of interest and sinking fund, will be 



1857. 


1858. 


24„61 


34„10 


3„51 


4„66 


2„80 


3„83 


5„18 


7„07 



458- capitalist's glide and railway annual. 

large enough for any dividend whatever on the guaranteed stock of the company. 
With the present per centage of income, from gross earnings, it will he seen that 
the" road must earn $3,000,000 per annum before it can pay the full 10 per cent, as 
stipulated in the certificates. 



TABLE OF MONTHLY EARNINGS. 



1856. 



1857. 1858. 



1856. 



January . $153,035 $118,595 $106,675 Julv $176,068 

February 133,790 117,585 97.674 I August .... i 219,185 



March... 200,009 212.543 160.526 September . 
... 293,754 243,312 206,568 ! October.. . . 



April. 
May .. 
June .. 



248,865 

1 



202.529 
197,418 



132,559 November 



178,928 



December. 



287.145 
326.729 
246.152 

205.077 



1857. 

$170,633 
181,30? 
233,883 
223,50( 
182,74* 
144,18* 



For year. $2,71-1,848 $2,233,74-' 



1858. 

$149,519 
202,622 
224,838 
198,129 
168.072 
139,640 

~2.015.749 



OFFICERS. 

George Bliss, President. Wm. Walcott, Secretary and Treas. 

John D. Campbell, Superintendent. 



George Bliss, 
J. H. Ransom, 
Clarkson N Potter, 
Wm. B. Welles. 



Directors. 

Edwin|C Litchfield, 
Ezekiel Morrison, 
Ran son Gardner, 
John C. Wright, 
John S. Prouty. 



Wm. Walcott, 
Nelson Beardsley, 
Hiram Siblet, 
Roswell S. Burrows. 



GEORGIA RAILROAD. 

(Known as the Georgia Railroad and Banking Company.) 

Main line, from Augusta to Atlanta 171 miles. 

Warrenton Branch, from Camak to Warrenton 4 " 

Washington " " Cumming to Washington 18 " 

Athens " " Union Point to Athens 39 " 

Total length 232 miles. 

Connecting at Augusta with the South Carolina Railway. 

" *• " Augusta and Savannah railway. 

" Atlanta " Atlanta and West Point " 

" " i£ Macon and Western " 

" " " Western and Atlantic " 

This road was commenced in 1836 and the main line to Greensboro' and the 
Athens and Warrenton branches were opened for traffic in 1839. In 1840 the 
road was extended to Madison, and in 1843 it was completed to Atlanta. The Wash- 
ington branch was opened in 1S45. Immediately subsequent to the crisis of 1837, 
and during the period of recuperation at the South, this road, so common with 



GEORGIA RAILROAD. 



459 



all enterprises of such magnitude, met with numerous obstacles, and was at times 
much embarrassed for the necessary means to prosecute the work. Although the 
company possessed banking privileges, they proved to be only temporary in their 
advantages while the derangement to the currencies of South Carolina and 
Georgia lasted. In 1841 the bank resumed, and the work of extension was pushed 
on with vigor. Its first president was the late VVm. Dearing, of Athens, who, with 
a few other public spirited citizens of Georgia, spent much time and contributed 
liberally towards its construction. In 1810 Mr. Dearing retired, and was succeed- 
ed by the Hon. John P. King, who has presided over the affairs of the corporation 
ever since ; in fact, much of the credit for the flourishing condition, not only of 
the road but of the bank, is due to his management, while the same is true of the 
Atlanta and West Point road — both companies being under the supervision of the 
same executive officer, although distinct corporations. These, with the Montgo- 
mery and West Point road, constitute the old mail and passenger route from Au- 
gusta to New Orleans. 

The compiler was unable to obtain the result of the business fof*the fiscal year, 
ending March 31, 1859, but from the increase in the crops, particularly of cotton, 
and the general prosperity in every department of trade at the South, the year's 
business from traffic will show a considerable gain over that of 1857-8. 

The following comprises the principal items of interest from the report of 1858 : 

* Cost of road and outfit $4,174,495 

Invested in other roads 922.750 

Real estate : 80,175 

Negroes 32,952 

$5,210,372 
Represented by : 

Capital stock $4,156,000 

Funded Debt 476,895 632,895 

Excess of resources $577,477 

* Or $18,000 per mile. 



Dr. 



IXC?'ME ACCOUNT. 



Cr. 



. 


1857. 


1858. 


Reserved Fund... 


1857. 1858. 


Operat'g expens's. 


$531,245 


514,787 


$317,412 $514,307 


New track, build- 






Gross earn'gsroad 


1,109,681 1,0:36,572 


ings, &c 


188,971 


195,614 


" bank 


204,851 96,085 


Interest, expenses, 








8alaries,banking 










department .... 


64,971 


62,113 






2nd Div. 4 per ct. . 


332,430 










m « 3 « 




249.360 








Surplus 


514,307 


" 625,090 










$1,631,974 


$1, 646,9 84 


$1,631,974 $1,646,964 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

For the vear ending March 31 1357. 1S58. 

Gross earnings $1,109,631 $1,036,572 Dec. $73,109 

Operating expenses 531,245 514,787 " 16,458 

Net earnings $578,436 $521,735 $55,651 

Falling off in receipts in 1858 6,,64 per cent. 

Decrease in net earnings " 9,,80 " 



460 capitalist's guide and railway annual. 



1857. 
52„59 
13„88 


1858. 
50„65 
12„51 


Dec. 

cc 


1„94 
1„37 


17„41 


13„32 


it 


4„99 


$2,489 


$2,247 


" 


$242 



Net income from gross receipts, per cent 

" on cost of road " 

" from bank and road) « 

" for stockholders. 3 

Net earnings on length of road, per mile 

Although the expenditures have been large, it will be perceived that the avail- 
able surplus fund is not obscured by any other charges to construction, property, 
or any other account whatever. Every expenditure has been charged to profit 
and loss, and the surplus is a tangible cash resource at the disposition of the com- 
pany, and amounts to nearly 85 per cent, on the capital stock. In view, however, 
of the expediency of strengthening the bank capital, and making provision for the 
funded debt, the board have not deemed it advisable to divide to the stockhold- 
ers the entire surplus earnings, and pursuing this policy, declared a dividend of 3 
Ser cent, from the surplus, standing to the credit of the company on the 31st 
larch last. It may here be observed that the company owes no funded debt in- 
curred on account of its own enterprise. The entire funded debt is a balance of 
that incurred for assistance to other roads whose stock and bonds are still held by 
the company, amounting to nearly $900,000. On the stock, $369,500 remain un- 
productive. The company have been led to expect some profit from both the 
Augusta and Waynesboro' and Nashville and Chattanooga roads during the pre- 
sent year. But from recent advices they think this resource doubtful. This large 
amount of dead capital, of course, bears heavily upon the income. With this in- 
cumbrance, however, the interest aceount still shows a favorable balance. 



OFFICERS. 

Hon. John P. Kino, President. J. Milligan, Cashier. 

George Yonge, Superintendent. 



John P. King, 
John Bones, 
Sam. Barrett, 
Benj. Warren, 
Richard Peters, 
Wm. M. D'Antignac, 



Directors. 

John Cunningham, 
Ferd. Phinizy, 
Asbury Hull, 
Geo. W. Evans, 
James W. Da vies, 
Geo. T. Jackson, 



ANTOINE POULLAIN, 

Elijah E. Jones, 
W. D. Conyers, 
T. N. Hamilton, 
M. P. Stovall. 



LONG ISLAND RAILROAD. 



On page 188 will be found the report of this company for the fiscal year ending 
31st March, 1858. The following statement of its affairs and traffic are brought 
down to the 31st March, 1859, viz. : 

1858. 1859. 

Gross earnings $325,652 $334,088 Inc. $8,436 

Expenses, including the working of the 

road, interest, rent, new equipment, &c. 269,127 255,478 Dec. 13,649 

Net earnings for stockholders $56,525 $78,610 Inc. 22,085 

equal to (on capital stock) per cent 1„88 2„62 ,,74 

The increase in earnings, which is about 3 per cent., was in freight, — chiefly in 
the article of milk carried at half a cent per quart. 



BELLEFONTAINE A*D INDIANA RAILROAD. 461 

The whole receipts last year from business connected with the dairy is $18,153. 
There is also a steady increasing freightage from vegetables and fruits. The di- 
rectors have entered into a contract for changing the terminus of the road at 
South ferry, Brooklyn, to Hunter's Point, which will be effected in the year 1859. 
The funded debt of the company is $500,000. The other liabilities of the com- 
pany amount to $144,566 The capital stock is 66,000 shares, equal, at par, to 
$3,000,000. The reported cash balance, on the 1st instant, was $57,410. 



BELLEFONTAINE AND INDIANA KALLR0AD LINE. 

Composed of the Indianapolis, Pittsburg and Cleveland, and Bellefontaine and 
Indiana Railroads. 

From Gallon, Ohio, to Indianapolis, Ind 202 miles 

Ind., Cleveland and Pittsburg R. R., Galion to Union. 118 miles. 
Bellefontaine and Incdana R. R. Union to Indianapolis. 84 " 

Total, both roads , 202 miles. 

The two roads are operated in copartnership, each company receiving its share 
of the revenue from traffic according to its own tariff. Each company keeps in 
repair its own track, bridges and station buildings. The equipment, machinery, 
and materials for repairs are one common stock by inventory, and the expenses for 
keeping up the former are derived from each company according to the length of 
their roads. The management of transportation is regulated by an executive 
committee of five persons, two members from each board and the President of the 
Bellefontaine and Indiana Company. The organization and fiscal concerns of each 
company are kept distinct. 

BELLEFONTAINE AND INDIANA RAILROAD COMPANY. 

* Cost of road and equipment $2,998,392 

" Real estate 100,913 

Cash and notes in hands of real estate trustee 125,234 

Invested in Columbus, Piqua and Ind. railroad 4,740 

Materials on hand 43,523 



Total assets $3,272,8*02 



* $25,410 per mile. 

Represented by : 

Capital stock $1,874,395 

1st Mortgage bonds $791,000 

2d " " 140,000 

Realestate •« 128,800 

♦Income " 1859 199,500 



$1,259,300 



$3,133,395 



* An arrangement to extend these bonds to 1S70 has been made, and a sinking 
fund to $20,000 per annum established for .them. 

39* 



462 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Dec. 31 ^^li^ .i, 8 ^ 

Gross receipts 

Expenses 



Net earnings of road. 
1857. 
Int. on Bonds.... $91,227 
Taxes 7,468 



$22,141 



Increase in gross receipts in 1858. 
" in net earnings " 



Net income gross receipts per cent. . . 
" on cost of road " 
" for stockholders " 

Net earnings on length of road, per mile $1,438 $1,747 



$348,352 


$332,227 


Dec. 


$16,125 


227,516 


185,414 


a 


42,102 


$120,836 


$146,813 


Inc. 


$25,977 


1858. 








$90,328 








8,262 


98,590 








$48,223 


Inc. 


$26,082 






4,62 


per cent. 






21,64 


" 


1857. 


1858. 






34„73 


44„22 


Inc. 


9„49 


4„03 


4„89 


cc 


„86 


1„13 


2„55 


(( 


1„42 



INDIANAPOLIS, PITTSBUBG AND CLEVELAND B. B. CO. 

* Cost of road and equipment 11,826,425 

" real estate 78,531 

Invested in Columbus Piqua, and Ind. R.R 10,000 

Sinking Fund 41,922 

Materials on hand 23,898 



Total assets $2,070,776 

* 21,743 per mile. 
Represented by : 

Capital Stock $835,971 

* 1st Mortgage bonds $656,000 

2nd " " 169,500 

Income " 166,500 

Domestic " 34.200 1,025,200 

Floating debt 19,719 

Surplus earnings $1,890,890 

* $300,000 due 1st January, 1860, which will have to be extended. 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Dec. 31 1857. 1858. 

Gross receipts $253,519 $232,905 Dec. $20,614 

Expenses 168,271 140,046 " 28,225 

Net earnings $85,248 $92,859 Inc. $7,611 

1857. 1858. 

Int. on bonds $72,388 $72,364 

Taxes 1,990 74,373 2,747 75,111 



For stockholder... $10,875 $17,748 Inc. $6,873 

Decrease in gross receipts in 1858 7„92 per cent, 
lncreasj in net earnings " 8, ,91 " 



NEW YORK AND HARLEM RAILROAD. 



46a 



Net income from gross receipts, per cent. . 

" on cost of road " 

For stockholders " 

Net earnings on length of road, per mile . . . 



1857. 


1858. 




33„22 


44„15 Inc. 


io„9a 


4„59 


5„10 " 


„51 


1„30 


2„11 " 


,,81 


$722 


$787 


$65 



Belltfontaine and Indiana R. R. Co. 

OFFICERS. 
John Brough, President. 
J. M. Townsend, Secretary. 
Henry Wick, Treasurer. 

Directors. 

John Brouoh, E. T. Sterling, 

Henry Wick, Jas H. Godman, 

S. Chamberlain, Robt. H. Canby. 

John Mills. 



Indianapolis, Pittsburg 6f Cleveland R. R. Qy. 

OFFICERS. 

John Brough, President. 
Edward King, Secretary/ 
Thos. H. Sharpe, Treasurer. 



Directors. 



Johh Brough, 
Simeon Yandes, 
Jas. W. Yandes, 
Thos. A. Morris, 
C. S. Goodrich, 
Henry Wick, 
J. Chamberlin, 



Thos. H. Sharpe, 
S. V. B. Noel, 

D. Kilgorl, 

S. P. Anthony, 
S. Witt, 

E. T. Sterling, 
W. A. Utis. 



JOINT OFFICERS. 
Executive Committee. 



Henry Wick, Chairman. 
Stillman Witt, 
E. T. Sterling, 
Jas. W. Yandes, 
John Brough, President. 



J. M. Townsend, Secretary. 
John Bkough, Pres. v!e Gen'l. Supt. 
John Canby, Ass. " 

Edward King, Cashier. 
E. S. Spencer, Gen'l. Freight Agt. 



NEW YOKK AND HARLEM KAILKOAD. 

From New York to Chatham Four Corners 131 miles. 

Connecting at Williams' Bridge with the New York and New Haven Railway. 

" Chatham Four Corners with the Western " 

" East Albany <k Hudson River " 

" " Troy and Greenbush " 

" " Albany " New York Central " 

This road is extensively known, not only as one of the first built leading from 
the city to the suburbs, but from the fact that its stock has been the instrument 
for speculation at the Stock Exchange for more than a quarter of a century. 

The company was chartered in 1831 for thirty years, with a capital of $350,000, 
to construct a road from 23d street to the Harlem river. In 1832 permission was 
granted to extend it south to 14th street, and to increase the capital to $500,000, 
— prohibiting the use of steam below 14th street, — the road to be finished in 1835. 
The work progressed slowly, and in that year an extension of time for two years 
was granted, with authority to increase the capital to $750,000, and permitting 
the company to create a loan to the amount of $400,0U0. In 1S37 a further ex- 
tension of time to 1842 was given to complete the road, and empowering the com- 
pany to make their bonds convertible into stock. The capital was in 1839 again 
increased to $1,950,000, and in 1840 the extension of the road through West- 
chester county to the Connecticut State line was authorized, with an additional 
increase of $1,000,000 to its capital. In 1845 the charter was so amended as to 
enable the company to extend the road through Putnam, Dutchess, Columbia and 



464 capitalist's guide and railway annual. 

Rensselaer couufcies to G-reenbush, opposite Albany, to be completed in three years. 
In 1843, permission was granted to issue $1,500,000 preferred stock, and in 1849, 
another increase of capital, making the aggregate $5,000,000, with authority to 
borrow money to the extent of $2,000,000, was authorized, and by subsequent 
legislation the capital stock has been increased to $8,000,000, which about covers 
the cost of the road and equipment. 

The road was opened to Harlem in 1837 ; to Fordham in 1840 ; to White Plains 
in 1843 ; to Croton Falls in 1847, and to Chatham Four Corners, its present ter- 
minus, in 1852. 

This company does not print, for the benefit of its stockholders, the customary 
annual report — such as are put forth by other companies, and the only figures 
that could be obtained to throw any light upon its financial condition are those 
derived from the office of the State engineer, which, however, are only brought 
down to 30th September, 185S : 

Cost of road, (29 miles double track) $7,313,339 

" equipment 634,777 

$7,948,116 

or, $60,373 per mile ; if reduced to a single track about $50,000 per mile. 

Represented by : 

Capital stock, old $4,217,100 

" preferred 1,500,000 

1st mortgage bonds due 1873 3,000,000 

2d " " 1864 1,000,000 

3d " " 1867 1,000,000' 

Outstanding unsecured bonds 151,287 

Floating debt. 147,641 

$11,016,028 

Apparent excess of liabilities $3,067,912 

The above statement only gives among the assets the cost of the road, and 
must fall short of satisfying the owners of stock or holders of bonds from the 
very large amount of assets required to reconcile the other side of the account ; 
because the form prescribed by an act of the legislature in 1850 is defective in its 
design, in requiring from the different railway companies a statement of their af- 
fairs and operations annually, most of the companies adhere to it, which gives but 
a vague idea of their financial condition. The two largest roads publish annual 
reports, in which may be found balance sheets showing the details of assets as well 
as liabilities, and the compiler regrets being compelled to state that with the ex- 
ception of the New York Central, New York and Erie and Watertown and 
Rome, he has met with much difficulty in procuring reliable data from the rail- 
ways of his own State. 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending September 30. . . 1857. 1858. 

Gross receipts, all sources $1,027,572 $975,854 Dec. $51,718 

Expenses and repairs 840,731 617,285 " 223,446 

Net earnings $186,841 $358,569 Inc. $171,728 

Falling off in gross receipts in 1858 5„70 per cent. 

Decrease in net earnings " 91,, 89 " 

1857. 1858. 

Net income from gross receipts, per cent. ... 18,, 18 36„14 Inc. 17,,96 

on cost of road " 2„35 4„52 " 2„17 

Deficiency of income to meet expenses : 
Repairs, interest on debt, ($393,012 in 



Repairs, interest on debt, ($393,012 in^l 
1857, and $406,793 in 1858) and 3 per ct. I o 46 

div. upon preferred stock in 1857, (upon [ 



old stock) per cent. j 

Deficiency on both, percent 0,,85 Deo. 2,,61 

Net earnings on length of road, per mile $1,426 $2,737 Inc. $1,311 



HUDSON RIVER RAILROAD. 465 

COMPARATIVE VIEW OF THE SIX MONTHS' BUSINESS FOR 1858 AND 1859, ENDING 
MARCH 31st OF EACH YEAR. 

1858. 1859. 

Receipts of the road $475,373 $537,099 Inc. $61,726 

" from other sources 49,313 * 49,313 

Total receipts $524,686 $586,412 Inc. $61,726 

Expenses, 63„86 per cent 335,064 1 374,483 " 39,419 

Net earnings 189,622 211,929 22,307 

Interest on debt. $5,000,000 1 175,000 175,000 

Surplus $14,622 $36,929 

* Estimated. 

f In the absence of an official statement of the expenses, this amount is deriv- 
ed by estimating the same per centage for transportation and other expenses and 
repairs as those of the fiscal year of 1858. It would appear from the above, 
that the road, with all the economy introduced in 1857-8 in operating it, is only 
able, with the revenues of 1858, to pay the ordinary running expenses, repairs of 
track, bridges, rolling stock, &c, and meet the interest upon its debt. In order 
to meet all these, With the same per centage of net earnings as in 1857-8, and 
pay 6 per cent, dividends upon the preferred stock, the road will be required to 
earn annually $1,400,000. Should its receipts ever reach this amount, its expenses 
ought not to be over 55 per cent, of the receipts, which would increase the power 
of the company to make a more liberal return to the holders of the preferred stock, 
and, perhaps, leave something for the old stockholders. 

The company is now easier in its finances than for many years ; the chattel 
mortgage having been cancelled ; its floating debt reduced so as to be of no 
annoyance whatever ; and the difficulties with the city authorities permanently 
settled. These obstacles being removed, the prospects of the road are more flat- 
tering than ever, and it only needs a watchful eye over the expenses to makg it 
what it ought to have been long ago, a dividend paying concern. 

% For the whole year the interest appears, by the State Engineer's report, to be 
$406,793, the half would be $203,396. 

OFFICERS. 

Allan Campbell, President. Wm. H. Emerson, Sec'y & Treas. 

Wm. C Wetmore, Vice President. Wm. J. Campbell, Superintendent. 

Directors. 

Allan Campbell, Albert J. Akin, F. W. Edmonds, 

Wm. C Wetmore, John Alstyne, John Harper, 

Daniel Drew, Cornelius Vanderbilt, Horace Brooks, 

Abm. B. Baylis, Horace F. Clarke, Chas. W. Sandford, 

Albert Smith, 



HUDSON RIVER RAILROAD. 

From (Chambers Street Depot) New York to East Albany 144 miles- 

Connecting with all the cities and towns on both sides of the river. 

" at Irvington by ferry boat for Piermont, New York and Erie R. R. 

" Fishkill " " " Newburg " ' ; " 

Hudson with Hudson and Boston Railway. 
" East Albany with the Western Mass. " 

" " "' " Troy and Greenbush Railway. 

" Albany " " New York Central " 

and other roads diverging from Albany. 



466 capitalist's guide and railway annual. 

This is one of the best located roads for traffic in the country — its commutation 
travel, in distances ranging from 5 to 35 miles, is very large and increasing. For 
a portion of the year its great competitor is the river, but the trade over both is 
immense — almost without limit — consequently its advantages for profitable reve- 
nue must be regarded according to the facility with which it can stand compe- 
tition with its rival. For the passenger business the road has the advantage in 
the saving of time. The road runs directly on the river-bank the whole distance, 
and is one of the best constructed in America. The road was opened to Peeks- 
kill on 29th September, 1849 ; on the 31st December to Poughkeepsie ; and to 
East Albany in 1851. 

It has a double track of 106| miles, making the distance equal to 250 milea 
of single track. 

Like the Harlem, the Hudson river company do not publish annual printed re- 
ports for the public, but makes its statement, as required by law, to the State 
Engineer and Surveyor. They are therefore vague, and do not furnish in detail 
the internal affairs of the company, such as stockholders and bondholders want. 

The cost of road proper to Sept. 30th, 1858, is $9,438,698 

" equipment " " " 1,890,292 



or $78,673 per mile ; if reduced to a single track, $45,316 per mile. 

Represented by : 
Capital stock paid in $3,770,926 

Funded debt : 

1st Mortgage Bonds, due 1869 $4,000,000 

2d " " " 1860 2.000,000 

3d " " " 1867 3,000,000 



$11,328,990 



$9,000,000 
Less retired by Sinking Fund $158,000 



8,842,000 



Floating debt 455,003 



$13,067,929 



Apparent excess of liabilities $1,738,939 

BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Fiscal year ending Sept. 30. . 
Receipts from passengers 

" " freight 

" " other sources. 



1857. 


1858. 






$1,132,319 


$1,042,866 


Dec. 


$89,453 


716,600 


544,369 


C( 


172,231 


53,908 


49,177 


(C 


4,731 



$1,902,827 $1,636,412 $266,415 

Expenses of road 1,247,608 1,041,773 " 205,835 

Net earnings of road $655,219 $594,639 " $60,580 

Annual interest on debt 650,400 634,969 



Surplus $4,819 

Deficiency $40,330 

Falling off in gross receipts in 1858, 14 per cent. 
Decrease in net earnings " 9,,22 " 

1857. .1858. 

Net income from gross receipts, per cent. 34, ,48 37„ Inc. 2, ,52 

on cost of road " 5„82 5„26 Dec. „56 

" for stockholders " 0,,13 

Deficiency for stockholders on 

Capital Stock 1„07 " 1„20 

Net earnings on length of road, per mile $4,550 $4,130 " $420 



CLEVELAND, PAINESVILLE AND ASHTABULA R. R. 467 

COMPARATIVE VIEW OF THE SIX MONTHS' BUSINESS OF 1858 AND 1859, ENDING 
MARCH 31, OF EACH YEAR. 

Gross receipts from October 1st : 1858. 1859. 

Passengers and freight $909,823 $1,034,407 Inc. $124,584 

Mails, rents, &c 24,589 24,589 

$934,412 $1,058,996 " $124,584 
Expenses, 63 per cent 588,680 667,167 « $78,487 

$345,732 $391,829 " $46,097 

6 mos. interest— same as 1857-8. . . 317,484 317,485 

Surplus $28,248 $74,344 

equal to (on Capital Stock, per an- 
num), per cent 0„75 2„00 " 1„25 

It will be seen the business of the road is steadily improving, and with a remu- 
nerative business can easily earn a dividend for its stockholders. The receipts in 
April show a falling off of $55,000 compared with those of March, thus exhibiting 
the effect of an early resumption of river business upon the revenues of the road. 



OFFICERS. 

Samuel. Sloan, President. T. M. North, Secretary. 

D. T. Vail, Vice President. C. C. Clabke, Treasurer. 

A. F. Smith, Superintendent. 



Samuel Sloan, 
Erastus Corning, 
Dean Richmond, 



Directors. 

Chester W. Chapin, 
Wm. H. Swift, 
John L. Schoolcraft, 



Elisha M. Gilbert, 
Sidney T. Faibchild, 
Henry H. Martin. 



CLEVELAND, PAINESVILLE AND ASHTABULA RAILROAD. 



From Cleveland to Erie 95 miles. 

Connecting at Cleveland with the Cleveland and Toledo Railroad. 

« " " " Columbus and Cincinnati R. R. 

« " " " Cleveland and Pittsburg " 

<< <« « " " " Mahoning " 

" Painesville " Painesville and Hudson (progressing) " 

** Ashtabula " Ashtabula and New Lisbon c * " 

" Erie " Buffalo and State Line " 

<« " " Sunbury and Erie (progressing) " 

The compiler was unable to obtain a copy of the report made to 1st January, 
1859 (although four months has elapsed since its financial concerns ended). The 



468 capitalist's guide and railway annual. 

following is a copy of that submitted Jan. 1, 1853, which embodies all that 
would be found of interest in the late copy. 

This is a regular dividend paying road ; is in good credit, and worthy of the 
confidence of the public in every particular. 



Abstract from the Books of the Cleveland, Paincsville and Ashtabula Railroad 
Company, January 1, 1858. 



Construction account, including depot grounds, right of way, 

machine shop, engine house, car shop, and real estate $2,603,646 01 

Engines and cars 620,532 52 

(52,159 37 expended during the past year in the aadition of two 
new locomotive engines, 21 house stock cars, 21 platform cars, 
9 house cars, 1 second class, 2 drovers' caboose cars.) 

New Bridges 463,337!61 

(Expended during the past year, $304,455 95, requiring an ex- 
penditure of about $90,000 to complete them.) 
Second track — 13 miles completed and in use, and 24 miles graded 

and ready for the iron 224,236 21 

(Expended during the past year, $44,353 82) 

Branch track to Erie Harbor 43,477 44 

Telegraph line 3,415 80 

Sunbury and Erie railroad stock 500,000 00 

Indianapolis and Bellefontaine stock $70,000 

Less charged to profit and loss, 1857 49,000 

21,000 00 

Cleveland and Pittsburg railroad Co. bonds received on account 

protection pileing, $2,500, at 80 cents 2,000 00 

Bills receivable 35,171 52 

Balance due from C. C. and C. & E. railroad 23,908 36 

Material on hand for repairs of road 184,569 00 

Material on hand at car shop 26,158 43 

machine shop 20,745 16 

Fuel on hand on line of road, paid for 34.395 00 

Balance due from agents and other roads 20,758 32 

Post Office Department 8,999 98 

" cash in hands of the Treasurer 8,691 68 

" " " Paymaster, being payments on Jan. 

expenses, 1858, 4,689 54 

10 second mortgage bonds of this company purchased at 92 cents 9,200 00 

$4,858,932 58 

LIABILITIES. 

Capital stock $3,000,000 00 

1st mortgage bonds 7 ....1861 564.000 00 

2d " " 7 ....1861 303,000 00 

Special " ' ; issued to Sunbury and Erie railroad Co 500,000 00 

Bills payable — balance due on Bath street property, and land pur- 
chased of James Root, not due 44,933 32 

Bills payable— six month notes given to Messrs. Cooper, Hewett 

& Co., in payment for iron, due in April and May next 74,878 74 

Franklin Canal Stock, outstanding, to be redeemed 1,943 75 

Dividends unpaid 2,216 12 

Balances due to individuals and other roads 5,576 07 

Surplus earnings 362,38i 58 

$4,858,932 58 



BOSTON AND MAINE RAILROAD. 



469 



Dr. 




INCOME 


ACCOUNT. 




Cr. 




1857. 


1858. 


1 


1S57. I 1858. 


Operating expens. 

Interest on debt. . . 

Interest on S.&E. 
R. R. Bonds.. . 

Depreciation 

Divid. July, 5 p. c. 
" Jan. 10 " 
" 5 " 
scrip and bonds, 
10 per cent 

Balance 


$670,034 
63,575 

17,500 

135,466 

270,932 

362,385 


$465,296 
95,690 

*183,837 
150,000 
150,000 

300,000 
100,000 




$263,410 *333 47ft 


Gross earnings — 

| 


1,251,538 


1,111,353 




$1,519,948 


$1,444,823 


$1,519,948 $1,444,823 



* Credited to depreciation on Bellefontaine and Ind. R.R. Stock, Engine and 
Cars, and Construction Accounts. 



BUSINESS OF THE ROAD FOR THE PAST TWO YEARS. 

Year ending Dec. 31 1857. ia58. 

Gross receipts $1,251,538 $1,111,353 

Expenses and repairs 670,084 465,296 



Net earnings 

Decrease in receipts in 1858 11 £ per cent. 

Increase in net earnings '* 11 " 



Net income from gross receipts, per cent. 
" on cost of road '■ 

" for stockholders " 

Net earnings on length of road, per mile. 



$581,454 $646,057 



1857. 
46. ,51 
18„01 
16„68 
$6,120 



1858. 
53„20 
16„30 
1S„34 

$6,700 



OFFICE US. 

Amasa Stone, Jr., President. Geo. B. Ely, Sec'y & Treag. 

Henry Nottingham, Superintendent. 

Directors. 

Amasa Stone, Jr., J. B. Johnson, C. C. Dennis, 

Wm. D. Beattie, Wm. Case, S J. Randall, 

James Miles, 



E. M. Gilbert, 
A. Kelley, 



T. M. Kelley, 
Hamilton White, 
Stillman Witt, 



H. B. Payne. 



BOSTON AND MAINE EAILR0AD. 

From Boston to South Berwick Junction 74 miles. 

Medford Branch, from Maiden to Medford Centre 6 " 

Wilmington Junction to Boston and Lowell, R.R 3 " 

Total in operation 83 miles. 

The connections with this road are very numerous and convenient, viz : with 
the Danvers, South Reading, Salem and Lowell, Boston and Lowell, Manchester 
and Lawrence, Lowell and Lawrence, Essex, Newburyport, Portsmouth and Con- 

40 



470 capitalist's glide axd railway annual. 



cord, Coche^o, Great Falls and Conway ; Portland, Saco and Portsmouth, and all 
the roads diverging from Portland. 

The business prospects and finances of the Boston and Maine Railroad Com- 
pany seem to be in a very prosperous condition, and a permanent dividend paying 
road Forty dividends, amounting to $133 per share has been paid since October, 
1333, leaving a surplus of $416,310, with a road in excellent repair, the company 
not only free from debt, but investing its surplus in its own stock and in available 
securities, for the benefit of its proprietors. 

The number of shares authorized by its charter is 45,500 

Of which there has been sold 41,557 

Leaving to be issued 3,943 



Dr. 



BALANCE SHEET. 

Fiscal Year ending May 31, 1858. 

Office, Boston. 



Cr. 



1. Cost of road and Equip. 


$4,221,691 


Capital stock $4,076,974 


Materials and fuel 


112,849 


State of Massachusetts. 


50,000 


500 Shares of this Com- 




3. Floating debt 


176,711 


pany's Stock bought 




Income Account (Profit 




as an investment 


50,000 i 


and Loss) 


416,310 


2. Securities of other roads 


105,937 






Invested in Bills Receiv. 


125,834 






Sundry Bonds,Xotes,^:c 








of doubtful value 


103,704 
$4,719,995 








$4,719,995 



The road, consisting of a track in good repair, valuable depot grounds and 
right of way, 33 Locomotives, 54 Passenger and 514 Freight cars, valued at 
$4J0,000, has cost $50,863 per mile. 

Danvers Railroad Bonds, Land Damage Account, 
Danvers R. R. Sinking Fund, all secured by en- 
dorsement of this road $70,530 

Investment and dues of sundry other connect'g roads 35,407 



Unpaid dividends, including one payable 1st July, 
Sundry accounts and notes, pay rolls, &c 



'58 



$105,937 



$126,304 
50,407 



$176,711 



Dr 



INCOME ACCOUNT. 



Cr. 



1857. 



1858. 



Operating Expen-, 

ses ] $436,810 

Salaries and Gen-i 

eral Expenses. . 35,365 
Two Dividends,| 

three per cent.i 

each 249,342 

Depreciat'n in cars 

Rails, &c ' 



Depreciat'n Char- 
les R. Bridge.. 
Balance 



15,000 

33,386 

360,240 



$1,130,143 



$437,800 

249,342 | 
27,590 

416,310 



Surplus, May 31, 

1856 & 1857.... 

Gross earnings.. . 



$1,131,042 1 



1857. 



$224,229 
905,914 



$1,130,143 



1858. 



$360,240 
770,802 



$1,131,042 



SMALLER RAILROADS OF MASSACHUSETTS. 



471 



For fiscal year ending May 31 1857. 1858 

Gross earnings $905,914 $770,802 Decrease, $135,112 

Operating expenses 472,175 437,800 " 34,375 

Net earnings $433,739 $33o,002 " $100,737 

Falling off in receipts in 1858, equal to 17 per cent. 

1857. 1858. 

Net income from gross receipts, per cent 47,,88 43, ,77 Decrease, 4„11 

on cost of road, ■ " 10„30 7„88 " 2„42 

" per mile, on length of road $5,225 $4,012 " $1,213 



OFFICERS. 
Francis Cogswell, President. James C. Merrill, Secretary. 

Horace O. Wilbur, Treasurer. William Merritt, Sup't. 

Directors. 
Peter T. Homer, J. M. Spelman, James H. Duncan, 

Henry Saltonstall, Francis Cogswell, 

D. M. Christie. 



George W. Kittredge. 



MASSACHUSETTS. 

TABLES EMBRACING THE SMALLER RAILROADS. 

(Most of these roads are operated by other companies ) 



Name of Railroad. 



Cost of 
Road, Capital Funded Float'g 
Equip- paid in. Dibt. Debt, 
ment, $c 



1. Agricultnral Branch, 15 miles 

Operated by Boston & Worcester R. R. Co. 

2. * Amherst, Belchertown & Palmer, 19£ miles. 

3. Hampshire & Hampden, 25 miles 

Operated by N. Hav. & N 'hampton R. R. Co. 

4. Stockbridge & Pittsfield, 22 miles 

Operated by the Housatonic R. R. Co # . 

5. West Stockbridge, 2| miles *..... 

Operated by Housatonic R. R. Co 

6. Stoughton Branch, 4 miles 

Operated by Boston & Prov. R. R. Co 

7. Easton Branch, 3| miles 

Operated by Boston & Prov. R. R Co 

8. Middleboro' «te Taunton, 8 miles 

Operated by Taunton Branch R. R. Co. . . 

9. Dorchester te Milton Branch, 3| miles 



329,921 
85,000 



Operated by O. Col'y cSc Fall Riv. R. R. Co. 

10. Marlboro' Branch. 4 miles 

Operated by Fitchburg R. R. Co 

11. Peterboro' & Shirley, 14 miles 

Operated by Fitchburg R. R. Co 

12. Salem & Lowell, 17 miles 

Operated by Boston & Lowell R. R. Co. . 

13. Stony Brook, 13 miles 

Operated by Nashua & Lowell R. R. Co. . 



598,300 

! I 

448,700 

I 39,600 

! 99,394 

i 

' 55,894 

153,826 

136,789 

156,185 

265,327 

449,530 

267,384 



171,822 20,200106,574 
85,000 none. | none. 

292,651 200,000 105,649 



448,700 none. 

39,600 " 

35,400 « 

49,325 " 

147.020 " 



: 5,262 

: 7,267 

73,340 36,900 4,600 

1 

56,726 82,988 5,453 

263,700 16,100 none. 

243,305 226,900' " 

267,300 " 



* Sold in 1858, and purchased by John S. Adams, of Amherst, Mass., for ac- 
count of himself and other bondholders. It has subsequently been re-organized, 
a new name given to it, and will be operated for the benefit of the new company. 
The capital is $85,000. 



472 CAPITALIST'S . GUIDE AND RAILWAY ANNUAL. 



SMALLER RAILROADS OF MASSACHUSETTS — Continued. 



Name of Railroad. 



Receipts. 
1857. 1858. ! 1857. 



»,- . i Variations 

Net earnings. p J cmU 

1858- 1857. 1858. 1857. 1858. 



1. Agricultural Branch. 

2. Amherst and Belcher- 

town 

3. Hampshire & Hamp- 

den 

4. Stockbridge ite Pitts- 

field 

5. West Stockbridge . . 

6. Stoughton Branch. . 

7. Easton " ... 

8. Middleborough and 

Taunton 

9. Dorchester & Milton 

Branch 

10. Marlboro' Branch... 

11. Peterboro' & Shirley 
12 Salem and Lowell. . . 
13. Stony Brook 



32,735, 12,288 21,817| 10,918 

20,040- 18,163 14,613! 8,973 5,427 

I 

23,106 23,995 3,797 19,309 



31,409 31,409 

1,937! 1,697 
12,301i 11,120 

4,152' 4,221 

13,791; 10,725 12,91! 



20 22 
5,465 5,674 
1,246' 1,466 



31,409 
1,917 
6,836 
2,906 



4,094! 2,363 
22,373 22,363 
65,121 ! 43,632 
85,755 50,519 57,845 34.177 



4,456 

38 38 

328: 369 

50,298 ! 38,061 



4,056 
22,045 
14.823 
27,910 



12,288 Inc. 

9,190.' " 

23,295' " 

31,409 
1,675 Dec. 
5,450 " 
1,315. « 

*1,817 



2,325 

22,004 

5,571 

16,342 



12„65 

TO,, 

21„ 



13„ 
5„68 
55„ 



43„30 

„02 

62„43 

41„82 




Deficiency. 



GEORGIA RAILROAD AND BANKING CO. 



473 



GEORGIA RAILROAD AND BANKING COMPANY. 

On page 458 will be found a condensed statement of this road and bank, 
to 31st March, 1858. The following embraces the business for the last fiscal 
year, which brings its affairs down :o 1st April, 1859. The business for 1858 
has increased in both departments, and the finances exhibit a remarkable in- 
dependent and prosperous condition, as compared with the numerous railway 
companies in other States. Since its organization in 18S6, it has paid in divi- 
dends, $3,938,135, or nearly its whole capital back. 



Dr. 



BAI.ANCE ^hket. 

Fiscal Year ending March 31, 1859. 

Office, Augusta, Ga. 



Cr. 



Cost of road and equipment. 
Real estate not iu Construc- 
tion Account 

Materials and fuel 

Negroes 

Invested in other roads 

Bonds of other corporations 

Bills discounted 

Northern Exchange 

Stock assessments 

Due by Banks 

Notes of other Banks 

Specie ... 



$4,174,492 

78,720 
124,130 

32,352 
829,550 

59,500 

654,799 

471,279 

338 

1,76,473 

73,239 
658,793 



$7,368,665 



Capital stock 

Bonded debt 

Corporations and Agents. . 

Depositors 

Circulation 

Dividends on stock 

Dividends unpaid 

Reserved fund 

Profits 



$4,156,000 

373,060 

163,329 

252,939 

1,293,618 

50,552 

19,640 

473,891 

585,636 



57,368,665 



Dr. 



1S5S. 



INCXME ACCOUNT. 



Cr. 



1859. 



Operat'g expeus's.; 
New road &; stock 
Bank expenses. . 

Dividends, 3 each 

3| per cent 

4 " 

Balance 



$514,787 

195,614 

62,113 

J 124,680: 

> 124,680 



$550,970 
59.28S 
62,489 



145,460 
166,240 
923,848 



Reserved Fund. 
Gross Earnings. 
Bank Discounts 



1858. 



1859. 



514,306 ! $619,350 
1,036.672 1.154,621 



96,080 



625,090; 
i$l, 646,964 $1,908,295! 



13-1,324 



$1,646,964 $1,908,29 & 



BUSINESS OF THE COMPANY FOR THE PAST TWO YEAR£. 

1838. 1S59. 

$1,036,572 $1,154,621 Inc. $118,049 
96.086 134,324 " 38,238 



Fiscal year ending March 31 

Gross receipts from road 

" " bank. 



Total receipts 

1858. 

Road expenses $514,787 

Bank expenses 62, 1 13 



$1,132 658 $1,288,945 
1859. 
550,970 
576,900 62,489 613,459 



Net earnings. . 



$555,758 

40* 



$675,486 



$156,287 

36,559 
$119,728 



474 CAPITALIST'S .GUIDE AND RAILWAY ANNUAL. 

Increase in gross receipts of road for 1858, 14 per cent. 
Increase in net earnings of road for 1858, 2l| per cent. 

1858. 1859 

Net income from gross receipts of road per cent 50„65 52„49 Inc. 1„84 

" on cost of road and outfit " 12„51 14„47 " 1„96 

for Stockholders, " 8.,69 1„484 " 6„15 

on length of road, per mile, $2,405 $2,924 $519 



NEW JERSEY. 

TABLE EMBRACING THE SMALLER RAILROADS. 



nr «, n f n~~. mm * Length Cost Road Capital j n , , Earn- 

Namc of Company. Miles. $ Equip' t. paid in. \ DebL 1 ings. 



Freehold and Jamesburg 11 220,666 j 130,341 

Sussex 12 357,078 150,000 

Burlingtou and Mount Holly. . . 7 120,000 70,000 



62,500 36,471 
205,164 30,941 

20,000,20,444 
136,715 13,143 



Expen. 



Flemingtou 11 238,513 150,000 

Newark and Bloomfield 6 101,387 I 

Millstone and .New Brunswick.. 6 111,114 | 102,865 1 8,749 I 7,871 1 <576 



18,587 
21,812 
14.820 
10,490 
12,346i 10,400 



MILWAUKEE AND SUPERIOR RAILROAD. 

From Milwaukee to Green Bay, Wis 120 miles. 

(projected.) 
And 6 miles actually built. 

This is another of the projects which has thrown discredit upon all modern Wis- 
consin railway enterprises. Conceived in fraud, it turns out that the subscrip- 
tions and aid exhibited to the city of Milwaukee to induce a contribution of 
$100,000, in municipal bonds, towards its construction, were bogus. No doubt 
farmers along the line were persuaded to subscribe, and titles to real estate to 
some considerable extent were passed over to the company in payment of subscrip- 
tions, but in no such aggregate amount as represented in the published report of 
the company. 

$100,000 of full paid stock appears to be issued as donations to the president 
and directors, the former getting nearly one-half, and the latter, in equal sums, 
the residue. Not one dollar in cash appears to have been received from any source 
whatever, nor is there even any account of the proceeds of the sale of the city 
bonds. The company is now defunct, and the iron has been taken up and sold. 



OFFICERS. 

C. R. Alton, President. H. W. Janes, Secretary. 

H. Haertel, Vice President. D. P. Hull, Treasurer. 

Directors. 

C R. Alton, Joshua Stark, D. P. Hull, 

H. Haertel, E. Butten, Julius White. 



RAILROAD BONDS. 



List of Bonds issued by the different Railway Companies of 
the United States, arranged in the order they mature. 

Note. — The odd amounts probably do not embrace the full compliment of 
bonds under the several issues, but represents the net proceeds after the discounts 
upon their sale have been deducted ; or they arise in many instances from cer- 
tain portions being retired by Sinking Funds. In the former case the aggregate 
difference would be large, as the discounts upon bonds negotiated since 1856 have 
been very heavy. 



Reimbursable in 1859. 



Names of Companies. 



Bellefontaine and Indiana 

Buffalo and State Line 

Canandaiguaand Eltnira 

Central (Georgia) 

(Ohio) 

Chemung 

Cleveland, Columbus and Cincinnati. 

Columbus and Xenia. 

Connecticut River 

Eastern, (Mass) , 

Galena and Chicago Union 

Housatonic 

Louisville and Krankfort 

Marietta and Cincinnati 

Macon and Western 

Milwaukee and Mississippi 

Michigan Central 

New Haven and New London 

New York and Erie 

Northern, Ogdensburg 

Oswego and Syracuse 

Panama 

Pennsylvania 

Richmond and Danville 

Sandusky, Mansfield and Newark.. 

Syracuse and Biughampton. 

- South Carolina 

South Side 

Virginia Central ... 



Wilmington and Weldon. 



Rate 
Description of Bond. of Amount. 

Interest' 



Income. 



Convertible . . 
Unsecured . . . 

Income 

1st Mortgage . 
Convertible. 
Mortgage. . . . 
Unsecured . . . 



Litchfield 

1st Mortgage.. 



Domestic 

Unsecured 

" construction 



7 
7 
7 
7 
7 
7 
7 
7 
6 
6 
7 
7 
6 
7 
7 
7 
8 
10 
7 
7 
7 
6 
5 
6 
7 
7 
7 
6 

" | 6 

" I .6 

End. by State of N.C. 6 



Income ! 

2d Mortgage I 

1st " ; 

1st Mortgage j 

1st " sterling! 

Public Works 

Mortgage I 

Domestic 

2d Mortgage I 

Unsecured 

Income 



$199,500 

75,000 

100,000 

52,200 

300,000 

70,000 

38,000 

18.000 

5,000 

75,000 

52,015 

46,500 

22,000 

258,319 

61,000 

448,000 

257,000 

100,000 

4,000,000 

1,497,400 

50,000 

750,000 

100,000 

250,000 

20,000 

50,000 

24,580 

72,000 

111,859 

10,000 

50,000 

$9,163,173 



476 capitalist's guide and railway annual. 

Reimbursable in 1860. 



Names of Companies. 



Boston and Worcester 

Buffalo and State Line 

Cleveland and Pittsburg. 

Connecticut River 

Central, New Jersey 

Cheshire 

Central (Georgia) ». . 

Central (Ohio) 

Chicago, Alton and St. Louis 

Columbus and Xenia 

Eastern (Mass.) 

Fitchburg and Worcester 

Housatouic 

Hudson River 

Illinois Central 

Indianapolis, Pittsburg and Cleveland . 

Louisville and Frankfort 

Lexington and Danville 

Michigan Central 

Montgomery and West Point 

Macon and Western 

Michigan, S. and N Ind 

Mansfield and Sandusky 

Mad River and Lake Lrie 

Naugatuck 

New York Central 

New York and New Haven 

Northern, New Hampshire 

Norwich and Worcester 

Pennsylvania 

Peru and Indianapolis 

Providence and Worcester 

Philadelphia, Wilmington & Baltimore 
Philadelphia and Reading 

C< (if 

It (• 

Richmond and Danville 

Richmond, Fredericksburg & Potomac 

Rutland and Burlington 

Sandusky, Mansfield and Newark 

Syracuse and Binghampton 

South Carolina 

Seaboard and Roanoke 

Terre Haute, Alton and St. Louis 

Troy and Boston 

Vermont Valley 

Virginia Central 

Worcester and Nashua 

Wilmington and Weldon 



Description of Bond. 




Amount. 



Unsecured. 

Income 

1st Mort. Cleveland 

to Wellsville 

Unsecured 

1st Mortgage 

1st " 

Unsecured 

Income 



Dividend 

Unsecured 

1st Mortgage 

1st " 

2d •« 

Free Land 

1st Mortgage 

1st " 

1st " 

Unsecured 

1st Mortgage 

Unsecured 

1st " Mich. Southern 

1st " 

Dividend 

1st mortgage 

State to Rochester & 

Syracuse 

Telegraph 

Unsecured 



Mortgage. 



Public Works. 

1st Mortgage . . 

Mortgage 

Convertible.. . . 
Unconvertible. 



Registered 

Sterling Bonds 
3d morrgage. . 

Domestic 

2nd mortgage.. 



1st mortgage 

4th " 

2nd " 

1st " 

Income 

Construction 

1st mortgage 

End. by State N. C. 



7 


338.200 


10 


1,000,000 


7 


68,500 


6 


75,000 


6 


64,200 


7 


50.000 


7 


2,000,000 


7 


3,000,000 


7 


300,000 


6 


257,000 


7 


300,000 


8 


1,394,000 


7 


100,000 


7 


30,000 


7 


1,000,000 


7 


700,000 


6 


103,000 


7 


437,550 


H 


77,382 


6 


10,000 


7 


311,000 


6 


83,900 


6 


205,800 


7 


16,000 


5 


100,000 


6 


12,000 


6 


300,000 


6 


688,929 


6 


1,105,000 


6 


1,572,800 


5 


705,600 


6 


150,000 


6 


321,006 


7 


426,400 


7 


92,572 


7 


50,000 


7 


51,131 


7 


300,000 


8 


57,625 


7 


20,500 


7 


700,000 


6 


10.000 


6 


37,172 


6 


* 200,000 


6 


50,000 




$21,282,^76 



RAILROAD BONDS. 

Reimbursable in 1861. 



477 



Names of Companies. 


Description of Bond. 


Rate 

r ° f 

Interest 


Amount. 


Ashuelot, N. H 


Real Estate 


6 

7 

7 
7 

6 

7 
10 

7 
10 

7 

6 
10 

7 

7 

7 

7 

7 

8 
10 

7 
6 
7 

5 

10 
8 

8 
7 

I 

7 

7 
7 
6 

? 

1 1 


$150,000 
40,250 


Brunswick and Florida 


1st mortgage 


300.000 

75,000 

450,000 

5,000 


Central Ohio 


1st mortgage 


Cleveland, Paiflesville and Ashtabula. . 


1st mortgage 


564,000 
62,000 
69,600 










1,000,000 


Dayton and Western 


1st mortgage 


300,000 




75,000 


Evansville and Crawfordsville 




109,000 




1st mortgage 


50,000 


Little Miami 


7,000 


Madison and Indianapolis 

Madison, Indianapolis and Peru 

Michigan, Southern and Northern In- 
diana 

Mobile and Ohio 


1st mortgage 

1st " 

1st " N. Ind.... 


750,000 
750,000 

1,000,000 
834,300 


Milwaukee and Mississippi 

New York and New Haven 


1st mortgage 

State to R L. and N. 
Falls railroad 


74,000 

298.000 
14^000 


Northern Ogdensburg 


2nd mortgage 

1st " 

Public Works 


2,676,500 


Portsmouth and Concord 


350,000 


Pennsylvania 


100.000 


Peru and Indianapolis 


50,000 


<( c« 


Real Estate 


25,000 


South Side 


2nd mortgage 

1st " on 1st sec. 
2nd " 


68,000 


Sciota and Hocking Valley 

Syracuse and Binghampton . 

Sullivan 


300,000 
75.000 


2nd " 


250,000 


Toledo, Wabash and Western 


Real Estate L. E. W. 
and S L 


300,000 


M 


Real Estate Toledo & 
Illinois 


150,000 


Troy and Boston 


1st mortgage 

Income 

1st mortgage 

(C 

End. by State N. C. . 


300 000 


Virginia Central 


10,000 

386,000 

2.000.000 

700,000 

50.000 


" Central 


Wilmington and Weldon 



$14,767,650 



Reimbursable in 1862. 



Atlanta and West Point 1st mort. Atlanta & 

Lagrange 

Buffalo and State Line ' Income 

Central Ohio Inc. to Muskingum Co 

Cleveland, Painesville and Ashtabula. . 2d mortgage 

Cleveland and Toledo Junction, 2nd mort. 



$187,500 

75,000 

100,000 

303,000 

324,000 



478 capitalist's guide and railway annual. 



Reimbursable in 1862 — Continued. 



Names of Companies. 



Cleveland and Toledo. 




Connecticut River. 



Central (Georgia) 

Cincinnati, WSmington and Zanesville 

Columbus, Piqua and Indiana 

Canandaigua and Elmira 

" Niagara Falls 

Cayuga and Susquehanna 

Columbus and Xenia 

Chicago and Mississippi 

" " St. Louis 

Dayton and Western 

Danbury and Norwalk 

Delaware 

Delaware, Lackawanna and Western. . 
Eastern (Mass) 



Evansville and Crawfordsville. 

Essex 

Great Falls and Conway 

Galena and Chicago 

Housatonic 

Indianapolis and Cincinnati. . 

La Crosse and Milwaukee. . . . 



Mississippi Central and Tennessee. 

Mobile 

Macon and Western 

Milwaukee and Mississippi 



Marietta and Cincinnati 

Michigan, South, and North. Indiana . 

Muscogee 

Mad River and Lake Erie 

Merrimac and Connecticut Rivers 

Manchester and Lawrence 

Ntjw York and Erie 

New Jersey Central 

North Pennsylvania. 

New London, Willimantic and Palmer 

New Haven and New London 

Oswego and Syracuse 

Peoria and Oquawka 



Junction Income 

" convertible. 
Unsecured 



7 
7 
6 

$ 

7 
1st mortgage | 7 

Convertible 

Sterling £208, 000. 

Income 

Dividend 

Convertible 1st mort. 
1st mortgage 



Guaranteed by Phila 

W. andB 

Income 

Unsecured 



1st mortgage. 



1st mortgage 3d div 
1st " 



Income 

Construction . 
Consolidation. 
Income 



Plattsburg and Montreal 

Portland, Saco and Portsmouth 

Peru and Indianapolis 

Providence, Warren and Bristol. ..'... 

Pennsylvania 

Raleigh and Gaston 

Springfield, Mt. Vernon and Pittsburg 



1st mortgage 

2nd " 

3rd " 

Domestic 

Erie and K. railroad. 

1st mortgage 

Dividend 

Concord & Claremont 

1st mortgage 

Convertible, (unsec'd) 

Income 

Chattel 

Income 

1st mortgage 

Unsecured 

1st mortgage Peroia 

to Burlington 

1st mortgage 



Real estate. .. 
1st mortgage. 
Public Works 
Mortgage 
Income 



EAILROAD BONDS. 

Reimbursable in 1862 — Continued, 



479 



Names of Companies 



j Rate 
Description of Bond- ! of 

Interest 



S jutb. Shore 1 1st mortgage . 

Syracuse and Binghauipton [2ud " 

South Side 1st 



Saratoga and Washington 

Terre Haute, Alton and St. Louis. 



Troy and Bennington 

Virginia Central 

Wilmington and Manchester. 
Weldon.... 



1st 

1st " 

to Alton. . 
1st mortgage 
Income 



Terre H! 



Endorsed by N. C. 



$160,810 

50,000 

78,000 

340,000 

200,000 
100,000 

10,000 
177,000 

50,000 



$21,327,156 



Reimbursable in 1863. 



Androscoggin 

B'illefontaine and Indiana. 
Cleveland and Toledo 



Connecticut River. 



1st mortgage 

Real estate 

Tol , N. & C. 1st m. 
2nd " 

Income 

Unsecured 



Cheshire 

Central (Georgia) 

Camden and Arnboy 

Canandaigua and Niagara Falls 

Cocheco . . 

Cape Cod 

Eastern (Mass.) 

Eaton and Hamilton 

Green Bay, Milwaukee and Chicago.. . 
Galena and Chicago 



Housatonic 

Lafayette and Indianapolis 

Montgomery and West Point 

Milwaukee and Mississippi 

Michigan, South, and North. Indiana.. 

(C <C (( 

Milwaukee and Watertown 

New Jersey 

Old Colony 

Pittsburg, Fort Wayne and Chicago. . 



Philadelphia, Wilmington & Baltimore 

Petersburg 

Pennsylvania 

Rutland and Burlington 

Renssalear and Saratoga 

South Side 

South Carolina 

Syracuse and Binghampton. 



Unsecured. 
<( 

2nd mortj 

1st 

1st 

1st 
Jst 

1st 
2nd 
1st 
1st 



3rd div, 



1st " 8 

Unsecured 7 

N.Indiana J 7 

1st mortgage 8 

Ferry associates I 6 

1st mortgage 6 

Sinking Fund 



Improvement . . 

Public Works . 
1st mortgage. , 



2nd " 

Sterling 

2nd mortgage. 



$250,000 

40,250 
522,000 
299,600 
207,250 

25,000 

40,000 
176,300 
7,500 
800,000 
600,000 
399,000 
144,600 

75,000 

757,734 

400,000 

178,000 

1,393,000 

1,738,000 

50,000 
800,000 
150,000 
650.000 
282,000 
307,000 
1,000,000 
485,000 
161,500 
134,505 

35,070 

84,000 
119,000 

20,000 

100,000 

1,800.000 

140,000 

28,000 
451,333 

50,000 



480 capitalist's guide and railway annual. 

Reimbursable in 1863 — Continued. 



Names of Companies. 



r 

Stonington 

Terre Haute, Alton and St. Louis, 
Toledo, Norwalk and Cleveland. . . 

Virginia Central 

White Mountains 

Wilmington and Weldon 

Watertown and Rome , 




1st mortgage 

4th k ' 

1st • " 

Income 

1st mortgage 

Endorsed by N. C. 
Income 



Reimbursable in 1864. 



Allegany Valley -1st mortgage. 

Buffalo and State Line Unsecured. 

Boston and New York Central 1st mortgage. 

Central Ohio 

Cleveland and Toledo 



Income, July, 1854. 
ept 



T. 



1st m. Central M 

2nd mortgage 

2ndmort. convertible 
Real estate 



Chicago, Burlington and Quincy. . 
Cincinnati W. and Zanesville. . . . 

Cayuga and Susquehanna 

Cincinnati and Fort Wayne 

Chicago and Milwaukee list mortgage. . 

Eastern (Mass.) 1 1st mortgage. . 

Unsecured 

2nd mortgage . . 

2nd 



Flushing 

Kennebec and Portland... 
Lexington and Frankfort. . 
Louisville and Frankfort. . 
Milwaukee and Mississippi. 
New York Central , 



Northern N. H 

Norwich and Worcester i Dividend . 

Northwestern Virginia j Income 



1st " 

Farm mortgage 

Convertible 

City Albany to A. & 
Schenectady 



New York and Harlem 

Oswego and Syracuse 

Pennsylvania 

Peru and Indianapolis 

Petersburg 

Pittsburg, Fort Wayne and Chicago.. 

Potsdam and Watertown 

Rochester and Gen. Valley 

Syracuse and Binghampton 

Springfield, Mt. Vernon and Pittsburg. 

Terra Haute, Alton and St. Louis 

Troy and Boston J 2nd 

Wilmington and Manchester ! Secured to W. & W. 

! railroad 

Wilton, N. H ; 1st mortgage 



2nd mortgage 

Unsecured 

Public Works 

1st mortgage 

Unsecured 

3rdm. O.&Ind.R.R 

1st mortgage 

1st " 

2nd " 

2nd m. on extension. . 
4th mortgage 



Cleveland and Mahoning j 2nd mortgage 7 

Camden and Amboy Sterling 5 



7 
7 
7 
8 
S 
5 
6 
7 
6 

6 
10 

7 

5 

6 
7 
6 
7 
7 
5 
7 
6 

7 
7 
7 
7 
8 
7 



$55,000 

200,000 

374,550 

800,000 

484,000 

393,000 

469,000 

1,008,000 

1,080.000 

592,000 

574,000 

100,000 

100,000 

512000 

75,000 

75,000 

52,000 

230.000 

130,000 

31,000 

224,700 

3,000,000 

127,000 
84,200 
67,000 
42,000 
1,000,000 
11,000 

100,000 

600,000 
27,227 
17,000 

100,000 

150,000 
50,000 

450,000 
29,700 

176,500 

150,000 
10,500 



$13,751,377 



RAILROAD BONDS. 

Reimbursable in 1865. 



4S1 



Names of Companies. 



Central Ohio 

Cleveland and Toledo. 



Central New Jersey 

Cayuga and Susquehanna 

Chieago, Alton and St. Louis 

Catawissa, Wiiliamsport, and Erie. . . 
Delaware, Lackawanna and Western. 

Detroit and Milwaukee 

Delaware 

Eastern (Mass.) 

Hartford, Providence and Fishkill. . . . 

Indianapolis aud Cincinnati 

Lake Erie, Wabash and St. Louis. . . . 

Montgomery and West Point 

Mobile and Ohio 

Mich. South and Northern Indiana. 

Mississippi and Missouri 

Milwaukee and Mississippi 



New London, Wi!limantic& Palmer. 

Norfolk and Petersburg 

New York Central 



Pennsylvania 

Petersburg 

Pittsburg and Steubenville 

Panama 

Pittsburg, Fort Wayne and Chicago . 

Racine and Mississippi 

Steubenville and Indiana 

South Side , 

Toledo, Wabash and Western 



Description of Bond. 



Virginia Central 

Vermont and Mass 

Virginia and Tennessee. 



2nd mortgage 

Dividend 

" certificates... 
1st mortgage 



2nd " 
Income 

1st mortgage. 



Rate i 
of Amount. 
Interest 



Dividend 

1st mortgage. 



Unsecured 

Jackson Branch 

2nd m. Sinking Fd. . 
Farm mortgage .... 



2nd mortgage 

1st " 

State to Buffalo and 

Rochester 

Public Works.. . . 

Unsecured 

1st mortgage 

1st mort. sterling. . . . 
1st " O.&Pa.RR. 

Farm mortgage 

1st mortgage 

For Appomattox RR.. 
Istm. L. E. W. & 

St. Louis R. R 

1st m. Toledo and 111. 

Dividend 

1st mortgage 

3rd " income.. 



7 

7 

7 
7 
7 
7 
7 
7 
6 
5 
6 
7 
7 
7 
8 
7 
7 
8 
10 
7 
8 

5ft 
5 
6 
7 
6 
7 
10 
7 
6 

7 
7 
6 
6 
6 



$S00,000 

212,235 

5,0^5 

500,000 

300,000 

1,53*3,000 

40,000 

19.000 

3.206,000 

500,000 

75,000 

1,862,730 

86,284 

3,400,000 

100,000 

165,000 

218,000 

400,000 

493,b00 

47,100 

500.000 

350,000 

55,300 

100,000 

21,000 

800,000 

1,250,000 

1,000,000 

450.400 

1,500.000 

87,500 

2,500,000 

900,000 

72,012 

1,003,675 
S00,000 



$25,314,821 



Reimbursable in 1866. 



Atlantic and St. Lawrence I Dollar Bonds 

Bellefontaine and Indiana 1 1st mortgage 

Keal estate 

Buffalo and State Line . . . . '1st mortgage 

Boston, Concord and Montreal j Convertible mortgage 

Boston and Providence j Unsecured 

Brunswick an>l Florida j 1st mortgage 

Catawissa, Wiiliamsport and Erie j Income 

Chicago, Alton and St. Louis j 4th mortgage 

Columbus and Xenia i Dividend 

Cincinnati, Wilmington and Zanesvillel Income 

41 



6 


$988,000 


7 


791,000 


7 


48,300 


7 


500.000 


7 


200,000 


6 


196,220 


7 


300,000 


7 


228.500 


7 


2,500.000 


7 


68,400 


7 


1,200,000 



482 capitalist's guide and railway annual. 

Rejmbursable in 1866 — Continued. 



Name* of Companies. 



Detroit and Milwaukee 

East Tennessee and Virginia 

Easton, (Mass.) 

Houston and Texas Central 

Indiana Central 

Indianapolis and Cincinnati 

Mad River and Lake Erie 

Milwaukee and Mississippi 

Milwaukee and Beloit , 

Mississippi Central 

Mineral Point. 

North Eastern, S. C 

New Haven and New London 

Northern Central, Md 

New York and New Haven 

Orange and Alexandria 

Pennsylvania 

Petersburg 

Pittsburg, Fort Wayne and Chicago 

Racine and Mississippi 

Steuben ville and Indiana 

South Carolina 

Seaboard and Roanoke 

South Side 

Terre Haute and Richmond 

Terre Haute and Indianapolis 

Virginia Central 

Western, Mass 

Wilmington and Manchester 

Wilmington and Weldon 



Description of Bond. 



2nd mortgage 

2nd m after State lien 
1st mortgage 

1st mortgage 

1st mort. for Law'g 

andU. M 

1st mortgage 

1st mort. S. W. Br. . 

1st mortgage 

Farm mortgage 

1st " 

2nd " 

1st " 

1st " 

B. & Susquehanna. . . 

Unsecured 

1st mort. Alexandria 

to Gordonsville. . 
Public Works 

2nd m. O. & P. R. R. 

Real Estate 

Farm mortgage .... 

2nd mortgage 

Sterling 

4th mortgage 

2nd " 

1st " 

1st " 

Dividend 

Albany City 

1st mortgage 

Sterling 



Rate 




Interest 


Amount. 


8 


$1,000,000 


8 


125,000 


5 


75,000 


7 


125,000 


7 


600,000 


7 


500,000 


7 


1,000,000 


8 


350,000 


8 


630,000 


8 


124,900 


7 


262,780 


8 


300,000 


7 


700,00(1 


7 


450,000 


6 


150,000 


7 


965,000 


6 


400,000 


5 


100,000 


6 


10,500 


7 


750,000 


7 


157,500 


10 


469,300 


7 


1,000,000 


5 


2,000,000 


6 


60,00C 


8 


13,500 


7 


235,000 


7 


600,000 


6 


79,344 


6 


250,000 


7 


596,000 


6 


443,555 



Reimbursable in 1867. 



Alabama and Florida 

Baltimore and Obio 

Buffalo, Corning and New York 

Catawissa, Williamsport and Erie. . 
Chicago, Burlington and Quincy. . . . 
Cincinnati, Hamilton and Dayton. . . 

Cleveland and Toledo 

Covington and Lexington 

Dayton and Michigan 

Delaware, Lackawana and Western 
East Tennessee and Virginia 



Eastern, (Mass.) 

Hudson River 

Indianapolis and Cincinnati. 



1st mortgage 

Coupons pay. quart'ly 

1st mortgage 

1st " 

1st m. C & Aurora. 

1st mortgage 

Junction, 1st mort . . 

1st mortgage 

1st " 

Income 

1st m. after State lien 

Income 

1st mortgage 5 

Convertible 7 

1st mortgage i 7 



RAILROAD BONDS. 



483 



Reimbursable in 1867 — Continued. 



Names of Companies. 



La Crosse and Milwaukee 

Memphis and Little Rock 

Marietta and Cincinnati 

New York Central 

New York and Erie 

New Haven and New London 

Petersburg 

Pennsylvania 

Racine and Mississippi 

South Side 

Terre Haute, Alton and St. Louis 

Vermont Central 

Winchester and Potomac 



Description of Bond. 



Rate 

r° f 

Interest 



Construction 7 

Secured by navy yard 

property at Memp. 6 

Income 7 

State to Schenectady 

and Troy "I 6 

1st mortgage 7 

2nd " 6 

Unsecured 6 

Public Works 5 

Farm mortgage 10 

2nd mortgage j 8 

1st m. Terre Haute to 

Alton 7 

2nd mortgage 7 

1st ' ; I 6 



$764,000 

96,000 
98,000 

100,000 

3,000,000 

200,000 

15,000 

100,000 

400,000 

6,000 

400,000 

1,200,000 

120,000 



$15,901,653 



Reimbursable in 1868. 



Baltimore and Ohio 

Chicago, Burlington and Quincy. 

Canandaigua and N. Falls 

Charleston and Savannah 



Chicago and Milwaukee 

Detroit and Milwaukee 

Eastern, (Mass.) 

Flushing, N. Y 

Great Western, 111 

Indianapolis and Cincinnati 

Marrietta and Cincinnati 

Mississippi and Tennessee 

Michigan Southern and Northern In 

diana 

New Castle and Richmond 

New York and Harlem 

Orange and Alexandria 

Pennsylvania 

Petersburg 

South Side 



South Carolina 

Springfield, Mt. Vernon and Pittsburg. 

Terre Haute, Alton and St. Louis 

Virginia and Tennessee 

Watertown and Rome 



2nd m. C M. Tract. . 

1st mortgage 

Endorsed by St. S. C. 

2nd mortgage 

Real estate 

i 4th mortgage 

1st " 

1st " ! 

1st « 

Real estate and 3d. m. 

1st mortgage 

Income 

1st m. Goshen Br. . . . 



' 3rd mortgage 

1 1st m Lynchb'g ex'n 

'Public Works 

| Unsecured 

! Appomattox R. R... 

2nd mortgage 

Plain 

, 1st mortgage 

2nd m. Terre H & A. 

Fract. mortgage 

1st " 





$1,000,000 


8 


383,000 


7 


750,000 


7 


1 A/"i AiUl 

lw,uut) 


7 


55,000 


8 


300,000 


8 


500,000 


5 


75,000 


7 


159,000 


L0 


1,000,000 


7 


200,000 


7 


2,496,000 


7 


600,000 


7 


1,500.000 


7 


200,000 


7 


1,000,000 


8 


600,000 


5 


100,000 


6 


5,000 


6 


87,500 


8 


18,0C0 


7 


192.000 


7 


500.000 


8 


1,000.000 


6 


23.500 


7 


400,000 



$13,280,500 



484 CAPITALIST'S GUIDE AND RAILWAY ANNUAL. 

Reimbursable in 1869. 




B>ack River and Utica 

Blossburg and Corning 

Burlington and Mo. River 

Chicago, Burlington and Quincy . . 
Cinn , Wilmington and Zanes?ille 

Camden and Amboy 

Eastern, (Mass.) 

Evansville and Crawfordsville 

Hudson River 

it « 

Lexington and Frankfort 

Louisville and Nashville 

ft <« 

Madison and Indianapolis 

Michigan Central 

New Haven and Northampton.... 

Pennsylvania 

Petersburg 

Potsdam and Watertown 

Rutland and Burlington 

Richmond, Fredericksburg and P. 
Terre Haute, Alton and St. Louis 

Toledo, Wabash and Western. . . . 
Western, (Mass.) ■ 



Amount. 



1st mortgage 

Issued to State N. Y.'\ 

2nd mortgage 

2nd m. C acd Aurora 1 
2nd mortgage 



1st mortgage . 

1st 

1st " 

1st 



1st m. on 140 m. in Kyi 
2nd " " 45 " Ten-! 

nessee j 

1st mortgage ' 



Public Works 

Unsecured 

1st mortgage 

2nd " 

Div. Certificates 

2nd mort. Belleville 

and lllinoistown. . . 
2ndm. L.E.W.&St. 

Louis 

2nd m. Toledo & 111. . 
Sterling 



$132,000 



Reimbursable in 1870. 



Bellefontaine and Indiana 

Boston, Concord and Montreal 

Cleveland and Toledo 

Chicago and Rock Island 

Central New Jersey 

Camden and Atlantic 

Detroit and Milwaukee 

Eastern, (Mass.) 

Greenville and Columbia 

Hudson River 

Indianapolis and Cincinnati 

Long Island 

Maysville and Lexington 

New London, Willimantic & Palmer. . 
New Orleans, Opelousas &Gt.West'rn 

Northern Central, Md 

Philadelphia and Reading 

Pennsylvania 

Petersburg 



2nd mortgage I 7 

1st mortgage [ 6 



2nd 

Income of 1857. 
1st mortgage. .. 
1st " 



1st " 

1st " 

1st " 

1st " 

3rd " 

2nd " I 

1st " I 

Unsecured I 

2nd mortgage 

1st m. stg. and dollar, i 
Vork& Cumberland.; 

Unconvertible j 

Public Works I 



RAILROAD BONDS. 



485 



Reimbursable tn 1870 — Continued. 



Names of Companies. 



Norfolk and Petersburg 

Seaboard and Roanoke 

South Side 

Terre Haute, Alton and St. Louis. . 

Watertown and Rome 

Western, (Mass.) 



Description of Bond. 



1st mortgage 

3rd " 

Guaranteed by city of 

Petersburg 

1st mortgage 

2ndmort. Terre Haute 

to Alton 

Convertible 

Sterling 

Albany City 



Rate 

r ° f 
Interest 



$250,000 
95,000 

150,000 
200,000 

1,000.000 
250.000 
864,000 
800,000 

1 

'$20,662,200 



Reimbursable in 1871. 



Corning and Blossburgh 

Dauphin and Susquehanna 

Delaware, Lackawanna and Western. 

Mineral Point 

Milwaukee and Beloit 

North Eastern 



1st mortgage. 

1st 

1st " 

1st " . 

1st 

2nd " . 



New York and Erie I Convertible,unsecur'd 



Northern Central, Md. 

Pennsylvania. 

Petersburg 

Troy and Bennington . 
Western, (Mass.) 



York & Cumberland 

railroad 

Public Works 

Convertible 

Sterling 

Albany City 



$220,000 
1,000.000 
900,000 
300,000 
630.000 
224,500 
3,423,000 

25.000 

100,000 

4,000 

43,000 
755,520 
200,000 

$7,825,020 



Reimbursable in 1872. 



Alabama and Florida 

Alabama and Tennessee 

Buffalo, New York and Erie. . 

Cleveland and Toledo 

Chicago, Alton and St. Louis. 

Detioit and Milwaukee 

Dubuque and Pacific 

Lehigh Valley 

Louisville and Nashville 



Michigan Central 

Ohio and Mississippi 

Pennsylvania 

Petersburg 

Panama 

Pittsburg, Fort Wayne and Chicago. 
South Side 



2nd mortgage 

1st " 

2nd " 

June 1st m. 2nd div. 

1st mortgage 

3rd " 

2nd " 

1st " 

1st ra. on 140 m. in Ky 
2d " 45 " Tenn 

Sterling 

1st mort. W. Div.... 
Public Works 

2nd mortgage sterling 
lstm. O.&Ind. R.R. 
1st mortgage . . . . ^. . . 



$154,000 

838,000 

380,000 

308,000 

1,200,000 

750,000 

17,500 

1,500,000 

500,000 

463,613 

850,000 

100.000 

17,000 

1,000,000 

1,000,000 

100,000 



41= 



486 capitalist's guide and railway annual. 

KeiMbursable in 1872 — Continued. 



Names of Companies. 



Description of Bond. 



Terre Haute, Alton and St* Louis. 



lstmort. Terre Haute 

to Alton 

Virginia Central Guaran. by State Va. 

Virginia and Tennessee 1st mortgage 

Wilmington and Weldon \ Sterling 



Rate 
of Amount. 
Interest 



Reimbursable in 1873. 



Boston and Lowell 

Buffalo, Corning and New York 2nd mortgage 

Cleveland an , Pittsburgh 2nd " main line 

and extension 

Cleveland and Mahoning 1st mortgage 

Corning and Blossburgh 1st " 

Covington and Lexington Guaran. by city Gov. 

Cleveland, Painesville and Ashtabula. . 2nd mortgage 

Hartford and New Haven 1st mortgage 

Jefferson ville, Ind 1st mort. 2d section. . 

New York and Harlem 1st mortgage 

North Western, Va j Guaranteed by city of 

Baltimore 

" ! Guaranteed by Balt.& 

O R.R. Co....... 

Ohio and Mississippi 1 1st mort. E. Division. 

Peoria and Oqu;i wka ! 1st " E. extension 

" " 1 2nd mortgage 

Pennsylvania i Public Works 

Piitsburg, Fort Wayne and Chicago. . | lstm. Ft.W.&C.RR. 

j 2nd in. O. &lnd. " 
Income 0. & Pa. " 

1st mortgage 

Belleville and Illinois- 
town R. R, 

To city of Troy... 



Quincy and Chicago 

Terre Haute, Alton and St. Louis. 



Troy and Union. 



Reimbursable in 1874. 



Cincinnati, Wilmington and Zanesville 

Eastern, (Mass ) 

Erie and New York City 

Great Falls and Conway 

Joliet and Northern Indiana 

Louisville and Nashville 



3rd mortgage j 7 , $1,100,000 

Unsecured 6 445,500 

1st mortgage , 7 ] 13,000 

Guar, by East'n R.R. 6 ; 100,000 
1st mort. guaranteed 

by MichiganCentral >■ 8 

and 111. Central. 
1st mort. 140 miles in; 

Ken., and 2d on 45j J* 7 | 500,000 

in Tenn 



RAILROAD BONDS. 

Reimbursable in 1874 — Continued. 



487 



Names of Companies. 



La Crosse and Milwaukee 

Lexington and Frankfort 

Manassas Gap 

Mississippi and Missouri 

Northern N. H 

Nashville and Chattanooga 

Ohio and Mississippi 

Pennsylvania 

Potsdam and Watertown 

Pittsburg, Fort Wayne and Chicago 

Syracuse and Binghampton 

Sunbury and Erie 

Sandusky, Mansfield and Newark.. . 
Terre Haute, Alton and St. Louis. . 





Rate 




Description of Bond. 


r ° f 
Interest 


Amount. 


1st m. Chicago to Por- 








7 


$950,000 
25,000 


1st mortgage 


6 


1st " 


6 


1,000,000 


1st mort convertible. 


7 


1,000.000 


1st " 


6 


2,000,000 
325,000 


Endor. by State Tenn 


6 


2nd mort. W. Div.... 


7 


258,000 


'• construction 


7 


4,242,000 


Public "Works 


5 


100,000 


1st mortgage 


7 


41,500 


Real Es. Ft. Wayne 






and Chicago R. R . 




498,000 


1st mortgage 


7 


1,200,000 


1st M 


7 


1,000,000 


1st " 


7 


1,290,000 


3rd m. on entire road. 


10 


1,000,000 


$17,887,500 



Reimbursable in 1875. 



Baltimore and Ohio ; Mortgage ' 

Cleveland and Pittsburgh \ 3rd mort main line, 

\ and 2d on extension 

Central New Jersey , ' 2nd mortgage 

Cheshire 

Camden and Amboy 

Delaware, Lackawana and Western. . . j 1st mortgage ' 

Great Falls and Conway i 3rd " | 

Hudson River j 3rd " 

Hannibal and St. Joseph Land grant 

Illinois Central Construction 



Mad River and Lake Erie . . 
Mississippi and Missouri.. . . 

Northern Central, Md 

New York and Ei-ie 

New York and New Haven. 
Orange and Alexandria 



Pacific, Mo. 



Pennsylvania 

Racine and Mississippi. . . . 
Richmond and Danville. . . 
Richmond and Petersburg. 

South Side 

South Western, Ga 

Virginia Central 

Warren 

Williamsport and Elmira. 



2nd mortgage ! 

1st m. Oscaloosa Div. 

Construction 

Sinking fund (unse'd) I 

1st mortgage I 

1st mort. Charlottes- 
ville to Lynchburg . 
Endorsed by State. . . 

Land grant 

Public Works 

1st mort. E. Division. 
Gua. by State of Va. 

Gua. by city Petera'g 

1st mortgage 

Dividend 

1st mortgage 

1st mortgage 



$1,128,500 

1,165,000 

1,500,000 

43,100 

1,700,000 

1,500,000 

75,000 

1,695,000 

4,000,000 

4,115,000 

12,885,000 

700,000 

200,000 

568,500 

3,925,500 

929,000 

1,200,000 
132,000 

5,500,000 
100,000 
680,000 
200,000 
159,000 
150,000 
414,000 
95,000 
568,500 

1,000,000 

$46,326,500 



488 capitalist's guide and railway annual. 



Reimbursable in 1876. 




Burlington and Missouri River... 

Blue Ridge, S. C 

Central Ohio. 

Cleveland and Mahoning 

Chicago, Burlington and Quincy . 

Cleveland and Fittsburg 

Louisville and Nashville 



Mississippi and Tennessee 

Pennsylvania 

Pittsburg, Fort Wayne and Chicago. . 
Western, Mass 



1st mortgage 

1st M 

4th m. Sinking Fund. 

3rd mortgage 

Convertible 

4th mortgage 

1st m. on 140 miles in 

Kentucky. 
2d m. on 45 m. Tenn. 

1st mortgage 

Public Works 

Bridge 

Albany City 



Reimbursable in 1877. 



Belvidere 

Buffalo, New York and Erie 

Cheshire 

Dubuque and Pacific 

Keokuk, Fort Des M. and Minnesota 
Michigan South, and North. Indiana. 

Milwaukee and Mississippi 

Northern Central, Md 

North Pennsylvania 

Norwich and Worcester 

Nashville 

Ohio and Mississippi 

Pennsylvania , 

Racine and Mississippi 

Spartanburg and Union 

Southern Mississippi , 

York and Cumberland 



Guar, by C & Amboy 


6 


$1,000,000 


1st mortgage 


7 


2,000,000 


Plain 


6 


43,100 
4,500 


1st mortgage 


8 


1st mort. on 1st sec... 


8 


570.000 


2nd " 


8 


3,000,000 
1,250,000 


1st " 


8 


Gua. by city Baltim. 


6 


500,000 


1st mortgage 


10 


500,000 


To State Mass 


6 


370,000 


En. by State Tenn.. 


6 


325,000 


Income 3rd mortgage. 


7 


2,900,000 


Public Works 


5 


100,000 


1st mort on W Div. 


8 


737.000 


Endor. by State S. C. 


7 


220,000 


1st mortgage 


7 


1,400,000 


1st " 


6 


552,000 


$14,971,000 



Reimbursable in 1878. 



Atlantic and St. Lawrence j Sterling. 



Connecticut River. 
Pennsylvania 

Vicksburg, Shreveport and Texas. 



Unsecured , 

Publio Works 

1st mort laud grant. , 



$2,592,000 



RAILROAD BONDS. 

Reimbursable in 1879. 



489 



i Rate 

Names of Companies. Description of Bond, j °f 

% Interest 


Amount. 


Sackett's Harbor and Saratoga. 


1st m. on road and se- 
cured by 500,000 


1; 


$400,000 




Public Works 


100,000 




2nd mortgage i 7 


700,000 










1 


$1,200,000 



Reimbursable in 1880. 



Baltimore and Ohi 

Cincinnati, Hamilton and Dayton i 2nd mortgage 

East Tennessee and Georgia 2nd 

Illinois River 1st 

Little Miami To city of Cincinnati 

Memphis and Charleston 2nd mortgage 

New York and Erie 4th " 

Pennsylvania Public Works 

1st mortgage 

Virginia Central Guar, by State of Va. 

Watertown and Rome 1st mortgage 





$700,000 


7 


950,000 


6 


754.000 


10 


1,020,000 


6 


100,000 


7 


1,502,000 


7 


3,020,511 


5 


100,000 


6 


5,000,000 


6 


100,000 


7 


21,000 




$13,267,511 



Reimbursable in 1881. 




Delaware, Lackawauna and "Western. .2nd mortgage 

Nashville and Chattanooga j Endor. by State Tenn 

Pennsylvania Public Works 



Reimbursable in 1882 



Indiana Central 1 2nd mortgage . 

Michigan Central 2nd " 

Nashville and Chattanooga | Endorsed by Tenn. 

Pennsylvania I Public Works . 



L0 


$700,000 


8 


2.845,500 


b' 


350,000 


5 


100,000 



$3,995,500 



Reimbursable in 1883. 



Chicago, Burlington and Quiryjy ' 1st mortgage 

Covington and Lexington 1 2nd " 

Little Miami j 2nd " 

New York Central ; Buffalo & N. Falls. 



$1,333,000 

1,000,000 

1,295,000 

139,000 



490 capitalist's guide and railway annual. 



Reimbursable in 1883 — Continued 



Names of Companies. 



New York Central. . 
<< (< 

«« •< 

New York and Erie. 
Mobile and Ohio. . . 
Pennsylvania 



Rate 
Description of Bond, j of 

.Interest 



For stock of old Co's. \ 

" Futided debt j 

" Prem. onConsol'nj 

Real estate .] 

3rd mortgage 

Sterling 

Public Works 



I $785,000 

1,256,000 

8,100,000 

200,000 

6,000,000 

38,000 

100,000 

$20,246,000 



Reimbursable in 1884. 



North Pennsylvania 

Pennsylvania 

Philadelphia, Wilmington & Baltimore 

Virginia Central 

Virginia and Tennessee 



1st mortgage 

Public Works 

Mortgage 

Guar, by State Va.. . 
Enlarged (2nd) mort. 




$2,500,000 

100,000 

1,696 500 

963,000 

1,000,000 

$6,259,500 



Reimbursable in 1885. 



Baltimore and Ohio ! Registered stock 

Central Ohio 3rd mort- Sinking Fd. 

Cleveland and Toledo j Sinking Fund 

Michigan South, and North Indiana. . " 

Northern Central, Md I Construction .... 

North Western, Va 1 3rd mortgage 

" " Guaranteed by B. & 

O. R. R. Co 

Pennsylvania | Public Works 



$2,500,000 

950,000 

412,000 

2,434,000 

1,903,500 

662,700 

500.000 
100,000 



$9,462,200 



Reimbursable in 18S6. 



Catawissa, Williamsport and Erie 

East Tennessee and Virginia 

New Orleans, Jackson and Gt. North'n 

Pennsylvania 

Philadelphia and Reading 



Chattel 10 

End. by State Tenn.. 6 

1st mortgage 8 

Public Works 5 

Convertible 6 

Lebanon Valley R.R . 6 



$340,000 
200,000 
3,000,000 
100,000 
3.586,500 
1,500,000 

$8,726,500 



Reimbursable in 1887. 



Dubuque and Pacific 


Construction 

End. by State Tenn. . 
State 


7 

6 

5 

10 


$943,000 


East Tennessee and Georgia 


300,000 




100,000 


Williamsport and Elmira 


Chattel 


500,000 








$1,843,000 



RECAPITULATION OF RAILROAD BONDS. 

Reimbursable in 1888. 



491 



Names of Companies. 


Description of Bona\ 


Rate 

of 

Interest 


Amount. 




5th mortgage 

Public Works 


7 
5 


$1,500,000 
100,000 








$1,600,000 



Reimbursable in 1889. 



Camden and Amboy . 
Pennsylvania 



New Loan 

Public Works . 



$2,500,000 
100,000 

$2,600,000 



Reimbursable after 1890. 



Pennsylvania Public Works, 1890 



Toledo, Wabasb and Western. 



Florida 

Pennsylvania . 



Cumberland Valley. 



L. E. W. & S. L 
Toledo, Wabash and 

Illinois, 
Free Land, 
Public Works 



1st mortgage 
2nd 



1890 


7 


1891 


8 


" 


5 


1892 


5 


1893 


5 


1894 


5 


1895 


5 


1905 


8 



1908 



5 $100,000 

7 1,200,000 



600,000 

1,500,000 

1,000,000 

1.000,000 

1,000,000 

1,000,000 

300,000 

116,500 

97,000 



$7,913,500 



Recapitulation of the Bonded Debt of American Railways. 



Maturing in 1859 . 
1860. 
1861. 
1862. 
1863. 
1864. 
1865. 
1866. 
1867. 
1868 
1869. 
1870. 
1871. 
1872. 
1873. 
1874. 



$9,163,173 
21.282,876 
14,767,650 
21,327,156 
16,172,672 
13,751,377 
21,314,821 
21,543,199 
15,901,553 
13,280,500 
15,962.309 
20,662,200 
7,825,020 
11,430,835 
18,869,000 
17,887,500 



Maturing in 1875. 
1876. 
1877. 
1878. 
1879. 
1880. 
1881. 



1887. 
1888. 
1889. 
1890. 



$46,326,500 
5,854,050 

14,971,600 
2,592.000 
1,200,000 

13,267,511 
3,200,000 
3,995,500 

20,246,000 
6,259,500 
9,462,200 
8,726.500 
1,843,000 
1,600,000 
2,600,000 
7,913,500 



Total , $411,199,702 



DIVIDEND PAYING RAILROADS. 



A list of Railway Companies that pay Dividends, with the 
net Per Centage earned for Stockholders upon the Capital 
paid in, and the annual Dividends declared for 1858-9. 

Note. — There are a number of small roads in different parts of the country 
that earn and pay regular dividends, but as the stock in them is held in their im- 
mediate vicinity for investments, it is unimportant to give them in detail. 





rv™w,„/ Amo'nt 


Am'nt 




Name of Road. 


Capital 


earned, 


divid. 


Where Payable. 




paid in. 


pr. cent 


pr. ct- 
6 




Atlantic and St. Lawrence, Me. 


! $2,494,900 


6„0S 


Portland and Boston. 


Agricultural Branch, Mass. . . 


171,822 




6 


Boston. 


Atlanta and West Point, Ga. 


1,000,000 


14„67 


n 


Atlanta and Augusta. 


Berkshire, Mass 


600,000 




7 


Hudson and Boston. 


Blossburg and Coming 


250 000 




2 


Corning. 


Boston and Lowell, Mass 


1,830,700 


8„50 


6 


Boston. 


Boston and Maine . " 


4,076,975 


7„8& 


6£ 


<< 


Boston and Providence, Mass. 


3,160.000 


7„71 


«6 


«« 


Boston and Worcester.. " 


4,500,000 


7„85 


6 


Ct 


Buffalo and State Line 


1,720,650 


9, ,00 


8 


Buffalo. 


Camden and Amboy 


3,000,000 


21„47 


12 


New York & Camden. 


Charlotte and South Carolina. 


1,500,000 


8„13 


5 


Columbia, S. C. 


Columbus and Xenia 


1,490,800 


11„47 


9 


Cincinnati. 


Concord, N. H 


1,500,000 
1,591,100 


6„04 


6 


Concord. 


Connecticut River, Mass 




*10 


Springfield. 


Cumberland Valley, Pa 


541,900 


14„60 


8 


Chambersburg, Pa. 


Chicago, Burlington & Quincy 


4,631,540 


11„74 


10 


Boston and Chicago. 


Concord and Portsmouth 


250,000 


6„00 


6 


Concord. 


Central, Ga 


4,000,000 


17„67 


10 


Savannah. 


Cleveland, Columbus & Cinn. 


4,746,220 


11„94 


10 


Cleveland and N. York. 


Cleveland, Painesville & Ash- 










tabula 


3,000,000 
279.050 


18„34 


10 


Cleveland and N. Y. 


Danbury and Norwalk 


9„65 


6 


Danbury, Ct. 


Easton Branch, Mass 


49,325 




4 


North Easton, Mass. 


Fitchburg and Worcester 


210,256 


5„48 


6 


Fitchburg, Mass. 


Fitchburg, Mass. .... 


3,540,000 
6,026,400 


7„87 


6 


Boston. 


Galena aud Chicago Union. . . 


*\,84 


6 


Chicago and N. York. 


Harrisburg and Lancaster . . . 


1,056,450 


10„86 


18 


Harrisburg, Pa. 


Hartford and New Haven 


2,350,000 


11„41 


10 


Hartford and N. York. 


Lafayette and Indianapolis . . . 






8 


Lafayette, Ind. 


Lowell and Lawrence, Mass. . 


200,000 




3 


Lowell. 


Lexington and Frankfort 


428,536 


12„40 


6 


Lexington, Ky. 


Lehigh Valley 


1,794,500 


7„74 


6 


Philadelphia 



2 per cent, on common, 8 on preferred. 



DIVIDEND PAYING RAILROADS. 



493 



Dividend Paying Railroads — Continued. 



Name of Road. 



Capital 
paid in. 



Little Miami 

Macon and Western 

Manchester Sc Lawrence . 



Muscogee 

Morris and Essex 

New York Central 

N. Y., Providence and Boston 

Northern, N. H 

Nashua and Lowell 

New Jersey 

New York and New Haven . . . 

New Haven and N. Hampton. . 

New Bedford and Taunton .... 

Old Colony and Fall River . . . 

Oswego and Syracuse 

Providence and Worcester.. . . 

Pittsfleld and North Adams. . 

Peterborough and Shirley .... 

Portland, Saco & Portsmouth 

Petersburg 

Philadelphia, Germantown & 
Norristown 

Phila., Wilmington & Bait. . 

Philadelphia and Reading 

Panama 

Pennsylvania 

Richmond, Fredericksburg & 
Potomac 

Raleigh and Gaston 

Rensselaer and Saratoga 

Richmond and Petersburg I 

Saratoga and Schenectady . . . 

Stoughton Branch i 

Stockbridge and Pittsfleld I 

Seaboard and Roanoke, | 

South Carolina j 

South Western, Ga j 

Terre Haute and Richmond. . | 

Taunton Branch 

Worcester and Nashua | 

Western j 

West Stockbridge i 

Wilton, N.H ! 

Wilmington and Weldon 

Watertown and Rome 

Warren, N.J 

York and Gettysburg (consoli- 
dated with N. Central) .... 



Amount 
earned, 
pr. cent 



$2,981,293 
1,438.800 

824,700! 
I 

560,7501 

l,157,805i 

24,182,400! 

1,508,000' 

3, 068,400 i 

600,000i 
3,485,000 ; 
3,000,000 

922.5001 

500,000! 
3,015,100 I 

396,200 j 
1,550,000 

450,000 

263,700 
1,500,000 

833.200 

1,208,500 
5,600,000 
1,551,800 
4,967,000 
13,240,225 

1,033,600 

973,300 

610,000 

834,600 

300,000 

85,400 

443,700 

225,000 

4.179,475 

1,814,600 

1,376.450 

250,000 

1,141,000 

5,150,000] 

39,600 1 

1,340,2131 

1,498,500! 

838,446: 



11„47 

10„76 
6„87 

6, ,76 
6„69 
8„07 
4„57 
5„71 
10„75 
13„14 
5„64 
3. ,85 
5„77 
8, ,52 

6„14 



6„07 
15„11 

9„83 

3„82 

1„H 

26„35 

8„00 

10„89 
10„00 



10„33 
15„03 
7„36 
11„71 
8„50 
6„37 
8„02 



11„28 
8„76 
7„47 



Where Payable. 



Cincinnati. 



Macon and N. York. 
X Concord, N. H. 



9 

8 
3cash 
5 s'ck 

4 'Columbus. 

6 [Newark. 

8 Albany and New York. 

2^: New York. 

6 Concord. 

8 Nashua. 



10 
3 
5 
6 
6 
8 
6 
6 

2| 
6 
6 

10 
5 

* 7 
12 

6 

6 
5 

8 

6 

5 

6i 

7 

* 7 
5 
7i 

10 
8 
6 
8 

4* 
6 
7 
6 



New York. 

New Haven. 

Taunton. 

Boston. 

Oswego. 

Providence. 

Pittsfleld, Mass. 1 

Groton, Mass. 

Portland. 

Petersburg. 

Philadelphia. 



New York. 
Philadelphia. 

Richmond. 

Raleigh. 

Troy. 

Richmond. 

Troy. 

Boston. 

Stockbridge. 

Portsmouth, Va. 

Charleston. 

Macon. 

Terre Haute, Ind. 

Taunton. 

Worcester. 

Springfield and Boston. 

W. Stockbridge, Mass. 

Wilton. 

Wilmington, N. C. 

Watertown, N. Y. 

Warren and N. Y. 



6 Baltimore. 



On preferred. 



m 



RAILWAYS IN GOOD CREDIT. 



Containing a List of all the principal Companies that 
* promptly pay their -Interest Coupons — the amount and de- 
scription of the debt to which said, coupons belong — and 
where they are payable. 

Note. — If any roads are omitted in this list, or that of Delinquent Companies, 
it is because no reliable information could be procured. 



Name of Road. 


Amount 

of Funded 

Debt. 


Coupons, 
Where Payable. 


Remarks. 


Alabama and Mississippi Rivers.. 


$80,100 

154.000 

250,000 

671,957 

1,750,057 

786,400 

187,500 

3,472,000 

1,007,207 

298.500 

220,000 

10,668,645 

217.577 

665,000 

1,445,500 

500,000 

195,220 

980,000 

1,259,300 

384,000 

6,980.000 

144>:00 

3,375,000 

1 8,767 

786,400 

1,970,000 

1,000,000 

'762,865 

S10.000 

3,158.000 

1,397,000 

1,427.000 

1,202.300 

3,841,635 

389,000 


New York 

(< .4 

Portland 

New York 

Portland 

Boston 


On all. 




a 


Alabama and Tennessee Rivers. . . 

Androscoggin and Kennebec 

Ashuelot, N. H 


(( 
«( 


Atlanta and West Point, Ga 

Atlantic and St. Lawrence 

Albany and Susquehanna 


New York 

Lond. & Portl'nd 


a 
it 

<< 


New York 

Bait. & London.. 
New York 

Philadelphia 

Boston 


(C 




( t 




(C 


Blue Ridge, S. C 

Burlington and Missouri River — 
Belvidere, N. J 


« 






<( 


Buffalo and State Line, N. Y 


New York 

<( << 

(C <( 

Philadelphia 

Boston 


a 
(« 


Charlotte and S. C 


If 


Camden and Amboy, N. J 

Cape Cod 


(( 




New York 

Savannah 

Boston 


« 




cc 




(( 


Catawissa, William sport & Erie. . 

Cairo and Fulton 

Chicago and Milwaukee 


Philadelphia 

New York 

<< c'c 

<( <( 

(C (( 
(( (( 

« «( 


<( 
«( 


Chicago, Iowa and Nebraska 

Chicago, Burlington and Quincy. . 
Chicago and Rock Island 


M 
CC 

(( 


Cincinnati, Hamilton and Dayton. 
Cleveland and Mahoning 


«( 


Cleveland and Toledo 


.< 


Cocheco, N. H 


(« 


Cleveland. Painesville ife Ashtabula 


1.367.000 


N Y. & Phila.. 


(« 



RAILWAYS IN GOOD CREDIT. 

Railways in Good Credit— Continued. 



495 



Name of Road. 



Columbus and Xenia 

Cleveland, Columbus & Cincinnati 

Connecticut River 

Cumberland Valley 

Cleveland and Pittsburg 

Charleston and Savannah 

Chicago and Milwaukee 

Danbury and Norwalk 

Detroit and Milwaukee 

Delaware and Hudson Canal R. R 

Delaware 

Dayton and Michigan,. 

Dayton and Western 

East Tenn. and Ga 

Eastern, Mass 

Evansville & Crawfordsville 

Erie and North East 

East Tennessee and Virginia 

Fitchburg and Worcester 

Galena and Chicago Union 

Great Falls and Conway 

Greenville and Columbia 

Georgia 

Hudson River 

Hannibal and St. Joseph 

Hartford and New Haven 

Houston and Texas Central 

Housatonic 

Harrisburg and Lancaster. . . . 

Indiana Central 

Iron 

Indianapolis and Cincinnati 

Illinois Central 

Indianapolis. Pittsburg & Clevel'd 

Joliet and Northern Indiana 

Lafayette and Indianapolis 

Little Miami 

Lehigh Valley 

Lexington and Frankfort 

Louisville and Nashville 

Long Island 

Louisville and Frankfort 

La Crosse and Milwaukee ........ 

Muscogee, Ga 

Manassas Gap, Va 

Mississippi Central 

Mississippi and Missouri 

Macon and Western, Ga 

Morris and Essex 

Merrimac and Conn. Rivera 

Mississippi and Tennessee 

Mobile and Ohio. y 

Montgomery and West Point, Ala. 



Amount 
of Funded 

Debt. Where Payable. 



Coupons, 



Remarks. 



$290,700 

50.000 

210,000 

213,500 

2,000,000 

155,000 

762,865 

85,000 

4,206,000 

900,000 

50,000i 

393,000 

700,0001 

790,6881 

1,680,500 

1,219,100 

100,000 

20tf,000 

64,200 

3,783,015 

275,000 

1,145,000 

476,895 

8,842,000 

3,830,500 

1,000,000 

125,00^ 

278.500 

459.872 

1,166,000 

50,000 

1,362,284 

20,000,000 

1,025,200 

800,000 
1,299,000 
1,500,000 

130.000 
2,000,000 

500,300 

524,000 
1,950,000 

249,000 
418,000 
535,579 

1,600,000 

96,000 

340,000 

200,000 

171,000 

4,051.247 
800,000 



New York 


On all. 

cc 
cc 


Philadelphia .... 
New York 

(( cc 


t( 
cc 
cc 


<( cc 


cc 


cc a 


cc 


cc it 


cc 


a cc 


cc 


Philadelphia .... 
New York 

it CC 


cc 
cc 


(( (( 


cc 


Boston & London 
New York 

cc cc 

, cc cc 


cc 
cc 

End. by Buffalo 
and State Line. 

Endors. by State 
Tennessee. 

On all. 


New York 


cc 


New York 

Augusta <fc N. Y. 
New York 


cc 
cc 


cc cc 
cc cc 


cc 


cc cc 


cc 


Philadelphia .... 
New York 

cc cc 




cc cc 




cc cc 




cc cc 




cc cc 




cc cc 




Philadelphia 

New York 

cc cc 




cc cc 




cc cc 




cc cc 

c« cc 

cc cc 


1st and 2d Mort. 

E. Division. 
On all. 

cc 


cc cc 


cc 


cc cc 


cc 


cc cc 


cc 


cc cc 


cc 




1st Mortgage. 
On all. 

cc 


New York 

N. Y <fe London. 
New York 



496 capitalist's guide and railway annual. 

Railways in Good Credit — Continued. 



Name of Road. 



i Amount 
of Funded 
I Debt 



Coupons, 
Where Payable. 



Remarks. 



Michigan Central 

Miss. Central and Tennessee 

Memphis and Charleston 

Mich. Southern and N. Indiana . . 

Mineral Point, Wis 

Memphis and Little Rock 

Milwaukee and Chicago 

Milwaukee and Mississippi 

N. Orleans, Jackson & Gt. North. 

Naugatuck, Conn 

New Haven and Northampton 

Northern Central, Md 

New York and New Haven 

New Jersey 

New York Central 

North Pennsylvania 

Norwich and Worcester. 

New York and Harlem.. . . / , 

Nashville and Chattanooga, Tenn. 

Old Colony and Fall River 

Orange and Alexandria, Va 

Oswego and Syracuse 

Portland, Saco and Portsmouth.. . 

Peoria and Bureau Valley 

Penobscot and Kennebec 

Pennsylvania 

Providence and Worcester 

Phila., Wilmington & Baltimore. 
Providence, Warren and Bristol . . 

Panama 

Pittsburg, Fort Wayne & Chicago 

Pacific Missouri 

Petersburg 

Philadelphia and Trenton 

Reading, Pa 

Richmond and Petersburg 

Richmond and Danville 

Richmond, Frederic'g & Potomac. 

Raleigh and Gaston 

Rensselaer and Saratoga 

Rochester and Genessee Valley.. 

Saratoga and Schenectady 

Saratoga and Whitehall 

South Western, Ga 

Stonington, Conn 

South Shore, Mass 

South Side, Va 

Seaboard and Roanoke 

South Carolina 

Sunbury and Erie 

Sciota and Hocking Valley 

Southern Mississippi 

Terre Haute, Alton and St. Louis 



New Orleans. 
New York. . . 



$3,824,063 New York. 

24,500 " " . 

1,502,000; " " . 

9,343,000 " " . 

620.000 " " . 
96,000 " 

600.0001 " " . 
950,000 

3,000,000 
437,550 
500,000 
3,195,800'Baltimore...'. ... 

, 2,219,000!New York 

777,000! " " 

;14,402,635i " " 

I 2,500,000 Philadelphia 

! 324,130 New York 

i 4,0Q0,097 " « 

! 1,674,000 « " 

! 161,500 Boston 

2,200,000 New York 

! 188,000 " " 

| 123,000 Boston 

600,000 jNew York 

l,750.057,Boston 

16,57i;054|Philadelphia 

300,000 Providence 

2,555,379 Philadelphia 

109,937 Providence 

3,000,033 N. Y.& London. 

7,956,075,New York 

155,000 " " 

127,4271 " " 

500,000 Philadelphia 

11,679,500; " 

159.000 New York 

600,000 



On all. 



1st m. July & Jan 
On all. 



Terre Haute and Richmond. 
Virginia and Tennessee 



680,615j 

100,000; 

140,000 



150,000 
97,500 

395.000 

414,000, 

306,500! " " 

160,810^ Boston 

1,058,500; New York 

435,000| " " 

2,530,463;Charls'n & Lond. 

527,000 Philadelphia 

300,000:New York 

1,400,000 
1,600,000 



235,000 
1,743,000 



1st Mrt. T. H. & 
IstM.Bellev'le 
& Illinoistown. 

On all. 



N.Y.&Lynchb'g 



RAILWAYS IN GOOD CREDIT. 



497 



Name of Road. 



Amount 

of Funded 

Debt. 



Coupons, 
Where Payable 

N. Y. & Richm'd 

Boston 

Philadelphia 

New York 

(C CI 

Boston 

Boston & London 

New York 

Boston 

N.Y.& London. 



Remark*. 



Virginia Central 

Vermont and Massachusetts. . . . 

Williamsport and Elmira 

Watertown and Rome ] 

Warren, N. J 

Worcester and Nashua 

Western, Mass 

Wilmington and Manchester I 

Wilton I 

Wilmington and Weldon .[ 



$1,719 
1,003 
2,039. 

690; 

56S; 

200; 

6,032; 
1,123, 

10, 

916,: 



,058 
675 

000 
500 
500 
000 
520 
000 
500 
222 



On all. 



(after 1859) 



42* 



DELINQUENT RAILWAY COMPANIES. 



Comprising a list of such as have failed to pay their Interest 
Coupons, wholly or in part — designating the Bonds and 
Amount of each Issue. 

Note. — For Roads operated by Trustees, and Companies that have obtained 
an extension upon coupons and debts, see details under their respective heads. 



Names of Companies. 


Amount. 


*~„. 




$505,000 

$300,000 

374,550 

494,000 

3,419,300 

6,000,000 

3,282,500 

2,918,325 

2,930,000 

4,535,000 

277,961 

757,734 

225,000 

1,500,000 

755,000 

9,540,300 

1,900,000 

448,000 

799,800 

534,000 

149,000 

182,200 

7,405,917 

26,371,511 

173,210 

750,000 

198,500 

10,739.600 

155;800 

2,750,000 

3,133,850 

2,200,000 

400,000 

3,064,695 

89,500 


On all. 




«< 


Boston and New York Central 

Belleville and lllinoistown 

Central, Ohio 


« 

2d Mortgage Bonds. 
On all. 


Chicago, St. Paul & Fond du Lac. 
Cincinnati, Wilming. & Zanesville 

Cleveland and Pittsburg 

Covington and Lexington 

Chicago, Alton and St. Louis 

Essex, Mass 


u 

On all issues. 

3d & 4th M. and Div. Bonds. 

On all issues. 

(( M 

On all. 


East Tennessee and Virginia 

Florida 


1st and 2d Mort. after State lien. 
Free Land 8 per cent. Bonds. 




La Crosse and Milwaukee 

Milwaukee and Mississippi 


On all but 1st & 2d M. on E. Div. 
1st Mortgage, various issues. 
Prin. and Int. due Ap., 1859. 
Farm Mortgage Bonds. 
City Milwaukee Bonds. 
3d Mortgage Bonds. 
Farm Mortgage Bonds. 

On all issues. 


Milwaukee and Watertown 

Marietta and Cincinnati 




On all. 




<< 


New Haven and New London 


« 
«< 




<( 




3d Mortgage. 
On all issues. 


Pittsburg and Connellsville 


Sciota and Hocking Valley 

Springfield, Mt. Vern. & Pittsburg 
Terre Haute, Alton & St. Louis. . 
White Mountains 


(( (C 

2d Mortgage. 

2d, 3d, & 4th Mortgage Bonds. 

On all. 



STATE DEBTS 



ALABAMA. 

Outstanding State Bonds on the 31st March, 1858 : 

issued as capital to the Bank of the State of Alabama $3,523,000 

" to railroads 900,000 

Total State Debt $4,423,000 

Property of the State : 

Virginia and North Carolina State Bonds $992,000 

Bank of Mobile Stock 600,000 

Railway " 900,000 

Available assets $2,492,000 

In addition, the State owns the balance of the assets of the Old State Bank, 
only a portion, however, of which is considered good. Of the debt issued to the 
State Bank, nearty all is owned in Europe, and consists of sterling five per cent. 
coupon bonds. 

The debt in 1847 was $9,232,555, originally incurred to aid the Bank of the 
State of Alabama, a State institution now in liquidation. As its affairs are 
brought to a close, the State Treasury is the recipient of funds faster than the 
debt matures or can be paid off to advantage, hence the investment of the sur- 
plus in the securities of other States. It is estimated, that with the present tax- 
able resources and accumulation from the Bank collections, the debt will be ex- 
tinguished in 1865. 

Ways and Means. 

Balance in Treasury October 1, 1857 . $1,635,215 

Total receipts in the Treasury for the year ending Sep. 30, 1858. ... 764,648 

Total means $2,399,863 

Payments within the fiscal year 2,028,528 

Leaving a balance in the treasury of $371,335 



ARKANSAS. 



Immediately after the admission of this State into the Union in 1836, her citi- 
zens and those of the adjoining States caught the infection for wild speculation in 
lands, which then pervaded every section of the southwest. It was this senti- 



500 capitalist's guide and railway annual. 

ment of her legislators that induced them to charter the Real Estate Bank, and 
the Bank of the State of Arkansas, aiding each bank with an issue of State 
Bonds, amounting in the aggregate to $2,827,000, a part of which, with the ac- 
crued interest, still remain unpaid up to this t>me. The stain upon the cre- 
dit of State securities of the United States, was inflicted by Arkansas and her 
neighbor across the river, Mississippi, — both rich in the elements of future wealth. 
With Arkansas there was, perhaps, a necessity for delinquency, as the popula- 
tion in 1837 scarcely exceeded 75,000, and the inhabitants incapable of excessive 
taxation. There is, however, now no excuse for any further delay in arrang- 
ing for the ultimate payment of this debt. With a population of over 250,000, 
and the resources of the State greatly augmented, it would be an easy matter, 
by wise legislation, to create new bonds, funding the accrued interest, with a 
Sinking Fund to extinguish the whole amount at a given time. The total amount 
necessary to be raised by taxation, independent of the ordiuary expenses of gov- 
ernment, would not exceed $200,000, and this her inhabitants, with a taxable 
property to the amount of $80,000,000, could stand, — leaving the trustees to the 
management of the assets of the Real Estate Bank for the benefit of the State, 
and who now hold a mortgage upon them as security for the loan of her bonds. 

Outstanding bonds on the 1st October, 1858 : 

Issued to the Bank State of Arkansas $616,000 

Accrued interest, estimated • 484,000 

$1,100,000 

Issued to Real Estate Bank $946,000 

Accrued interest 845,830 

$1,791,830 

Total unprovided for $2,891,830 

The assets of the bank and the mortgaged lands, the governor thinks, sufficient 
eventually, to pay the debt and interest of the latter. 

The amount in the Treasury, October 1, 1858, in gold and silver, was $235,194, 
subject to the ordinary expenses of government. There is also an Internal Im- 
provement Fund, from which $409,879 has been distributed among the counties 
within the year, leaving a balance of $14,508, and seminary, saline and other 
trust funds, not embraced in the general balance in the treasury, which shows the 
ability of the people of Arkansas to redeem the honor of the State whenever they 
bestir themselves to elect members to the Legislature who will pledge themselves 
to accomplish it. 



CALIFORNIA. 



The old bonds issued under various acts, since the existenoe of California as a 
sovereign State, have been called in for the purpose of exchanging her liabilities 
for new bonds of uniform issue. 

For this purpose an act was passed by the legislature at its session in 
1857, for liquidating, funding and paying the claims against the State by 
an issue of new bonds, reimbursable 1st July, 1877, bearing 7 per cent, interest, — 
the first payment of interest not to become payable until the 1st January, 1859, 
which will account for the first coupon in most cases being for a fractional amount. 
The interest upon these bonds are payable at the Treasury at Sacramento City, 
and the issue is limited by law to $3,900,000. The bonds are generally for $1,000 
each, although there are $500 and $2,000, but none for fractional amounts. 

As a sinking fund for the final extinguishment of the principal within the twenty 
years the bonds have to run, the legislature has authorized, in addition to the or- 
dinary revenues of the State, a tax of 30 cents upon every $100 on the assessed 
value of real and personal property in the State, together with all monies that 
may be received by the State of California from the Un/ted States Government 



' * STATE DEBTS. 501 

on account of the civil fund, so called. Whenever there is a surplus of $10,000 or 
more on the 1st January or July, in each year, in the treasury, the treasurer may 
advertise in a New York paper for sealed proposals for the surrender, at the best 
price for the treasury, not to exceed par, for a sufficient amount to exhaust the 
Sinking Fund. 

The following are specified as the claims which are entitled to be received and 
funded under the above act : civil bonds issued under the acts passed in 1851, 
1852, 1853, 1855 and 1856 ; comptroller's warrants drawn prior to Janaary 1,. 
1857 — except such warrants, the regulation and endorsement of which were can- 
celled or required to be cancelled by the act prohibiting the payment of the same, 
January 30, 1856 ; legal claims against the State accrued prior to Jan. 1, 1857, 
which may be audited by an act of the legislature. 

The limit to the issue referred to was based upon the following estimate report- 
ed by the governor to the legislature : 

Valid indebtedness of all kinds $3,264,650 

Excess of expenditures over receipts to 1st July, 1857 300,000 

The evidences of the old debt having gone in very rapidly, it was soon discover- 
ed (in November, 1858), that the amount exceeded that authorized by law, 
viz., $3,900,000, disclosing bad faith on the part of those having the power to make 
and issue the civil debt from 1851 to 1856. The excess already registered and 
unprovided for is about $250,000, which must remain until an act can be 
framed and passed to meet this case. That it will receive the ratification of the 
people the governor in a letter of the 19th February, 1859, expresses not a doubt. 

This will remove the only stigma resting upon the credit of California, whose 
securities, considering her ample resources and the liberal provisions made for re- 
tiring the debt, should be equal to any state in the Union. 



CONNECTICUT. 

No public debt. 



DELAWARE. 

No public debt. 



FLORIDA. 



Outstanding debt 1st December, 1858 : 

Bonds bearing 7 per cent $143,000 

Interest on State Scrip 15,000 

Due on account of Indian hostilities 225,000 

$383,000 



502 capitalist's guide and railway annual. 

This debt is of recent origin and mostly held by her own citizens. Only about 
$54,000 is the ultimate debt of the State, the remainder being due by the United 
States. 

The State has abundant resources within herself to aid in the several works of 
internal improvement which are now going on from sales of land, which has been 
ceded and donated to her by Congress. This she is doing without pledging the 
public faith (prohibited by the constitution) , by setting apart these lands, making 
sales, and applying the proceeds to such works as the " .Board of Internal Im- 
provement" have consented to assist. 

The basis of the international improvement fund is : 
500,000 acres donated under the Act of 1841. 
1,500,000 " ceded " " 1850, and 

600 miles of completed railroads, with their income for 35 years, and the Sink- 
ing Fund Tax. 

The aid to railroads, thus far is to — 
The Pensacola and Georgia, Atlantic, Gulf and Central, and 

Florida, Tallahasee, 

and limited to $10,000 per mile and to 600 miles, making the total amount $6,000,- 
000. A portion of this aid has been granted to the Florida railroad company in the 
shape of coupon bonds, bearing 7 per cent, interest, reimbursable in 1891. 

The trustees are the Governor, Comptroller, State Treasurer, Attorney Gene- 
ral, and the Register of Public Lands, ex officio. 



Outstanding bonds October 20 3 
Due 1859 Central Bank 


GE( 

1858 : 


)RGIA, 

, viz. : 

7 
7 
7 
7 
7 
6 

7 

6 

7 
6 
6 
5 

6 
6 
7 
7 
6 

6 
7 
6 

6 


$22,500 

100,000 

20,000 

48,500 
62,500 

216,500 
72,000 

104,750 
625,500 

180,000 

181.500 

80,000 


$45,000 
40,000 
10,000 


1860 " 




1861 '• 




1862 Railroad 




Li cc 






1863 Central Bank 

" Railroad 




142,500 


1864 Central Bank 




111,000 
75,000 
47,000 

4 
288,500 
283,500 
153,500 
162,250 


1865 Railroad 

1868 " 

" " sterling.. 

1869 " 




1870 " 

1871 " 

1872 " 




(C I . 

1873 " 




730,250 


1874 " 






a ce 






1878 Atlantic and Gulf railroad. . 


261,500 
100,000 
$2,630,500 



STATE DEBTS. 503 

Authorized, but not issued : 
To Atlantic and Gulf R. R. Co., 6's, balance of subscription in 6 per 

cent, bonds, 20 years from date of issue $900,000 

Total liability $3,530,500 

Property of the State : 

Western and Atlantic railroad, 138 miles 

long, cost with equipment $5,901,497 

Bank stock, par value 290,900 

Railway stocks 120,000 

Cash in the treasury $129,229 

Coupons anticipated 1,125 

Unavailable assets 325,564 455,918 6,768,315 

Excess of resources $3,237,815 

The State has no sinking fund, but can easily anticipate from her abundant re- 
sources $200,000 of her bonds annually if the holders will take the money for them 
at par before they mature. The State is opposed to granting aid to a general 
system of internal improvements, but has extended it to the Albanyand Gulf road 
to the extent of 1,000,000, whenever that road has bonafide subscriptions for $1,200- 
000, $100,000 of this aid has been paid over. It is estimated that the treasury 
will receive in 1859 $300,000 from the surplus earnings of the Western and 
Atlantic railroad. 

Ways and Means. 

Balance in Treasury Oct. 21, 1857 $457,826 

Receipts from taxes 430,123 

Dividends and interest 32,025 

Sale of bonds 100,000 

Account earnings of Western and Atlantic railroad... 200,000 

Miscellaneous 1,425 

Total receipts $1,201,399 

Payments. 

Expenses of Government $202,780 

Interest and principal public debt 202,739 

Charitable purposes 111,213 

Education .' 44,708 

Miscellaneous : 84,040 

Atlantic and Gulf railroad 100,000 

$745,480 

Balance in the treasury October 21, 1858 $455,918 



ILLINOIS. 

The credit of this State has been much elevated — and too by the application of 
her own internal resources, to an extent that is truly wonderful. It is but a few 
years since it was so low that her securities could have been purchased for 25 cents 
on the dollar, — and brought about, in the laudable attempt to construct works of 
public improvement that should develop the wealth of the State. After the finan- 
cial revulsion of 1837 she was forced to dishonor her name from inability to meet 



504 capitalist's guide and railway annual. 

the interest on her debt. Without any intention of repudiating one mill of the 

")f by separa 



or interest, the legislature came to her relief by separating the canal 
debt from the other, which placed the canal property, including the grant of lands 
from the General Government, in the hands of trhe trustees ; the holders of the 
canal bonds, many of which were in Europe, advancing $1,600,000 for the comple- 
tion of the canal, in consideration of having the entire proceeds of the sales of 
the canal lands and tolls applied to the payment of principal and interest of their 
bonds until fully paid. In 1847 an act was also passed providing for the exchange 
of new bonds for the old Internal Improvement debt, bearing the same rate of in- 
terest. The interest accrued upon them was funded in bonds dated July 1, 1847, 
bearing 6 per cent, interest from and after July 1, 1857, reimbursable in 1877. 
Thus ten years' interest was given to the State by the holders, but this the State 
would not receive, and when she did commence to pay, she at once passed an act 
to be allowed to issue certificates for the ten years' back interest from 1817 to 
1857. These bonds are redeemable, at the pleasure of the State, after tha 1st 
January, 1860, and then the principal, if unpaid, bears interest at six per cent. 

It will be seen that there are three kinds of improvement bonds, via. : 

1. Those for the principal of old Internal Improvement debt. 

2. " interest that had accrued upon it. 

3. Those given for the ten years' interest, between 1847 and 1857. 

A tax was levied to pay the Internal Improvement bonds ; and subsequently an 
amendment in the Constitution provided for a two mill tax, irrepealable by the 
legislature, the proceeds to bo applied on the 1st January in each year to the 
extinguishment of the principal of the public debt, until it should be retired. 
Certain lands by law and 7 per cent of the gross earnings of the Illinois Central 
Railroad were set aside to be applied to the same end. 

Outstanding debt Dec. 1, 1858 : 

81 old State bonds $81,000 

Internal Improvement scrip 52,000 

$133,000 

Liquidation bonds 271,849 

Certificates, new Internal Improvement stock 2,583,368 

Interest bonds of 1847 (drawing interest from 1857) 1,838,433 

Registered canal debt 2,713,113 

Unregistered " 1,468,506 

Certificates, Interest stock (drawing interest after January 1, 1860) 2,758,814 

Estimated amount of arrears of interest not yet funded 243,000 

Total $12,010,083 

From which deduct Certificates Interest Stock purchas- 
ed with the Central Railroad fund $105,000 

State Fund in Treasury December 1, 1859, to be ap- 
plied to principal as per Constitution 766,629 $871,629 

Total State debt, 1st January, 1859 $11,138,454 

The act in relation to the payment of the principal and interest of the State 
debt, passed February 22, 1859, provides : That the Treasurer of the State 
shall give one month's notice, in three newspapers in the city of New York, when 
and where, in the city of New York, he will pay the interest on the public debt, 
and at the expiration of thirty days after the time of such payment, he shall re- 
turn the balance of the money to the State Treasury, where the interest upon 
such as were not presented in New York will be payable. 

The Governor to give one month's notice in three papers in the city of New 
York of the time and plaee, when and where he will pay the principal of suoh 
State indebtedness as he is authorized by law to pay, — in which notice the bonds 
that are to be paid shall be designated. 



STATE DEBTS. 505 

Whenever the Governor cannot purchase said bond6 without paying a premi- 
um for the same, he shall appropriate the funds of the State to the payment of 
such bonds as may be due, after giving notice as above, but the money for that 
purpose shall be drawn from the Treasury, according to the law that was in force 
before this act. 

The interest upon such bonds as shall be designated by the Governor, in a no- 
tice to be given as above, shall cease from the time of payment specified in such 
notice. 

All laws now in force, authorizing an agency of the State for transfers in the 
city of New York, are repealed. 

The act for funding the arrears of interest, approved February 18, 1857, shall 
remain in force until 1st January, 1860, when its provisions shall cease and be of no 
effect. All arrears of interest due on that day to be presented at the Treasury 
and payment will be made, and the Governor shall cause this fact to be published 
in three papers in the city of New York for one month previous to the act taking 
•ffect. 

All the former acts refunding the State debt and interest are repealed. Hold- 
ers of the old debt can deposit the evidences of the same with a commission to be 
appointed for that purpose and designated, who will take the acknowledgment of 
the assignment of said evidences and forward them, when a new bond, for princi- 
pal or for interest, as the case may be, will be sent on in lieu thereof, but no bond 
shall be for a less sum than $1,000. 

"Ways and Means : 

Total net balances in the Treasury in 1857 and 1858, after paying ex- 
penses of Government $1,821,013 

During the years 1857 and 1858 the debt has been reduced by it as follows : 

Paid from State fund on principal pro rata $628,449 

Income stock purchased from Central Railroad fund. . . 89,604 

" " with State land fund 42.875 

" " " 3 per cent, school fund. . . 7,039 
Canal debt, paid by Trustees Illinois and M. Canal. . . 287,357 
Arrears of interest on Internal Improvement stock pur- 
chased with land fund 13,552 

Arrears of interest on Internal Improvement stock pur- 
chased with railroad fund 103,000 

$1,166,876 

Leaving in the Treasury $654,137 



INDIANA. 

This State, with regard to her works of improvement, was in precisely the sam* 
condition in 1837 as Illinois — unable to complete the Wabash and Erie Canal. 
For several vears the work remained suspended, while the debt, with the accrued 
interest, had reached $14,375,000. In the meantime the credit of the State had 
sunk very low, but her recuperative powers could not be kept down, and by the 
authority of the legislature in 1846 and 1847, proposals were made to the holders 

43 



506 capitalist's guide and railway annual. 

of bonds, most ot whom resided in Europe, to furnish the means for the comple- 
tion of the canal, and hold the State's interest in it, in trust for one-half of the 
debt, and the State would issue new certificates for the other half, upon which she 
would pay interest at the rate of 4 per cent, per annum until January 1st, 1863, 
and after that time at 5 per centum, and issue certificates for the arrears ot in- 
terest, upon which she would pay interest at the rate of 2£ per centum after 1st 
January, 1853. In this 1\ per cent, stock is included 1 per cent, per annum of 
principal, which gives the holders of the old bonds 5 per cent, per annum upon the 
new 5 per cent, stock. This arrangement being consummated, the bonds as desig- 
nated above were issued, as also were the two classes of Canal stocks — the prefer- 
red, for the money furnished for its completion, and the deferred, to the holders of 
the old bonds of the State, who did not subscribe to said loan. Two sets of Canal 
stocks were issued — the one for principal and the other for interest. As the debt 
id a little complicated, the reader will better understand the different classes of 
bonds by the following explanation : 

5 per cent. State Stock For one-half of the old State debt. 

2i " " deferred Stock " * c arrears of int. on same. 

6 " Preferred Canal " "the other half of old State debt, and 

the amount subscribed to the new loan 
for completing the canal, and entitled 
to the preference, both of principal and 
interest. 

5 per cent. Deferred Canal Stock For the other half of the original bonds ; 

but with holders not subscribing to the 
loan for completing the canal, payment 
is deferred until the preferred is liqui- 
dated. 

5 per cei*&. Special Preferred Canal Stock, For the accrued interest on the half 

called the Canal Debt, to subscribers to 
new loan. 

5 per cent. Special Deferred Canal Stock, For the accrued interest on the half of 

the old debt where holders did not sub- 
scribe. 

- The Canal stocks depeud, according to the agreement with the holders, exclu- 
sively upon the income from the canal for the payment of the interest and the 
ultimate liquidation of the principal, without any pledge of the public faith of the 
State whatever. But aa the State has, by the creation of railways running 
through the Wabash valley, virtually destroyed the security which she pledged, 
and on which the bondholders relied for the payment of their just dues, it is doubt- 
ful if she is not legally bound (certainly morally) to compensate the holders of 
said debt for the full amount of their claims, as the canal cannot now be regarded 
as a reliable source of revenue. 

Outstanding November 1st, 1858: 

Debt Propek. 

Old bonds not surrendered $413,000 

5 per oent. State stock (new) 5,312,500 

ti « « " " * 2,045,511 

$7,771,011 

Property owned by tlve State, exclusive of the public works : 

Sinking Fund, under management of Commissioners $2,356,659 

Railway stocks 645,000 

1*000,000 acres swamp lands, nominal value 3,000,000 

$6,001,650 



STATE DEBTS. 507 

Ways and Means : 

Balance in the treasury, Nov. 1, 1857 $6-50,653 

Received for taxes for the year ending Oct. 31, 1858. . . 388,345 

" interest " " " "... 55,703 

" from sales of swamp lands " " "... 156,975 

" State Prison, year ending " "... 36,297 

" Miscellaneous sources " " "... 772 

funds " " "... 33,348 

" Wabash and Erie Canal " " "... 117,910 

" on account revenue " " "... 55,067 

Total means $1,405,070 

Disbursements : 

Ordinary expenses $75,710 

State debt 333,391 

Education , 341 ,341 

Wabash and Erie Canal .- 255,202 

Swamp lands 194,759 

Benevolence 83,216 

State Prison 59,41 

Miscellaneous funds 1,035 

purposes 19,664 

$1,363,728 

Balance in treasury Nov. 1, 1858 $131,342 

Sinking Fund. — This fund was provided for in the charter of the State Bank 
of Indiana, in 1837, for accumulating profit on the expected income to the State, 
from her investment in the stock of the bank. This augmented from the residue 
of a "permanent fund, appropriated to the cause of common school education 3" 
the revenues of surplus taxes and from the public works, except the Wabavsh and 
Erie Canal, — all to constitute a fund, after paying the interest upon the State 
debt, that shall be applied to the extinguishment of the principal. 

Amount of loan of State for banking purposes $1,390,000 

premium realized on sale of 5 per cent, bonds 29,497 

" and interest in applying same to investments. . 3,019 

Total $1,422,516 

Invested in stock of the State Bank $880,000 

" loans to stockholders, in mortgages 255,009 

Expenses of commissioners in making the loans 4,494 

Transporting specie for the State's subscription .1 ,271 

— $1,140,714 

Leaving in the Sinking Fund as a nucleus in 1837 $281,742 

The result of the earnings by the Bank and the Fund, for the State, to 1st Nov. 
1858, are as follows : 

Loans on mortgages, 7 per cent ... $1,455,088 

" sale of mortgages foreclosed 134,029 

Indiana State bonds 709,045 

Other State bonds 13,761 

Cash on deposit in branches in Indiana 61,417 

New York '32,704 

" " Cincinnati 65,636 

" on hand 5,332 

" advanced to State under various acts 679,647 

" loaned " to pay interest on debt 165,000 

Banking house in Indianapolis 14,000 

$3,335,659 



508 capitalist's guide and railway annual. 

From which deduct Liabilities : 

Indiana State loan for banking purposes $1,390,000 

Less amount purchased and cancelled by Sinking Fund 411,000 

$979,000 

Excess of means of the Fund, without computing 
the interest on the advances to the State $2,356,659 

Canal Debt. 

The arrangement under the act of January 29, 1847, was to release the 
State from all liability for the payment of the principal or interest on one 
half of the outstanding debt. The revenues of the canal are appropriated by the 
trustees exclusively for the ultimate redemption fc of the certificates, and to the 
payment of the interest upon them while maturing. 

The amount outstanding on 1st Nov. 1858, is as follows : 

5 per cent. Preferred Canal Stock $4,079,500 

5 " " Special Canal Stock 1,216,737 

5 " Deferred " " 1,233,000 

5 " " Special f i " 470,283 

Total canal debt $6,999,520 

Cost of the canal when surrendered to trustees $5,321,566 

Expended since in construction (extension) and repairs 4,388,983 

Total cost to Oct. 1, 1858 $9,710,549 

Revenues to date of surrender to trustees $1,701,459 

" since to October 1, 1858 4,417,913 

6,119,372 

Actual cost to 1st October, 1858 $3,591,177 

Total receipts brought down $6,119,372 

Deduct bondholders subscription, to be refunded out of revenues of 
canal 571,640 

Total net receipts $5,547,732 

Total net expenditures 9,710. 549 

Excess of outlay over revenues $4,162,816 

Total expenditures by trustees to October 1st, 1858 $4,388,983 

" receipts by trustees to October 1st, 1858, exclusive of subscrip- 
tion 3,846,273 

Excess of expenditures by trustees $542,710 

The canal is the longest in the United States, 465 miles . 



IOWA. 

This State, since her admission into the Union, has been free from a publie 
debt until the close of 1858, when an issue of 7 per cent, bonds was made to the ' 
extent of $200,000, reimbursable in 1878, the principal and interest payable in the 
city of New York. This debt was created for the purpose of providing the means 
to construct suitable buildings at Des Moines City, the new seat of Government 
of the State. 



STATB DEBTS. 509 



KENTUCKY. 

Outstanding public debt on 4th November, 1857 : 

When due. To whom issued. Jk*teof1*$brest. Amount, 

1865 Bank of Kentucky 5 $27,000 

" Prime, Ward & King, 5 95,000 

1866 Northern Bank, 5 95,000 

*« Bank Kentucky, 5 24,000 

1867 War Detriment, 5 165,000 

1868 Am. Life In. and Trust Co 6 1,077,000 

1870 Public Works, 6 21,000 

44 Northern Bank, 6 203,000 

" Bank of Kentucky, 6 143.00Q 

1871 Exchange for other bonds, 6 1,478.000 

" " " 6 61,000 

1873 JohnTilford, Ag 5 87,000. 

1875 Lexington and Ohio railroad, .. . 6 116,000 

Balance of old debt, 6 412 

30 years, from differ- } 

ent dates, between > Southern Bank, Kentucky, 6 600,000 

1848 and 1855. S 



In circulation $4,l92 y 4l2 

Held by Board of Education. 

1870 Various issues bearing 6 per cent $67,500 

1875 « " " 5 " 850,000 

at pleasure ~) 

of > •« " " 5 " •... 409,270 

legislature.) $1,326,770 

Bonds issued to several counties, August, 1855. 42,895 

Febr'y 1857 12,167 

Total State debt $5,574,244 

Property of the State : 

Bank stocks $1,944,000 

Railroad Stocks and Bonds 256,019 

Slack water improvements 1,761,060 

Turnpike and other stocks 2,694,239 

$6,655,318 

Excess of resources $1,081,074 

Ways and Means : 

Balance in treasury, October, 1855 $255,731 

Receipts in two years, from all sources 822,511 

Total means $1,078,242 

Payments, same time 1,026,093 



Balance in treasury $52,149 

Sinking Fund. — The commissioners are composed of the Governor of the com- 
monwealth, who is chairman ex officio, and the Presidents of the Bank of Ken- 
tucky, Northern Bank and Farmers' Bank. The Auditor is secretary ear officio. 
Its revenue is derived from an annual tax on the banks ; dividends on stocks in 

43* 



610 capitalist's guide and railway annual. 

he same ; premiums on State Bonds sold ; dividends on Turnpike Stocks; divi- 
dends on Slack-water Improvements ; five cents in each $100 worth of property 
listed for taxation : taxes on insurance companies and brokers, and excess of 
revenue at the end of each year over $10,000. The expenditures embrace the 
payment of interest on the public debt, including the bonds held by the board of 
education ; the redemption of the public debt, and the sums loaned under the act 
of Assembly of 1856. 

The balance at credit of said fund, Oct . , 1855, was $143,478 

Total receipts for the year ending Oct., 1856 894,332 

" 1857 811,298 

Toial $1,849,108 

Payments for the year ending Oct. 10, 1856. . . • $1,017,453 

" ' " " 10,1857 812,556 $1,830,009 

Balance at Cr., Oct. 11, 1857 $i9,099 

Public debt redeemed in two years $457,500 

From the difficulty in investing the moneys dedicated by the constitution, belong- 
ing to this fund, an act was paesed, March 10, 1856, authorizing the commissioners 
to loan any surplus, by taking as security the bonds of the State, or the stock of 
any incorporated bank at 90 per cent., whose stock was selling about its par val- 
ue. The whole sum thus loaned and unpaid, October 10, 1857, is $364,160, which, 
with the balance on hand. $19,099 and 1,300 State bonds redeemed since the close 
of the biennial (fiscal) year, leaves a balance available of $397,259 with the ac- 
crued interest upon the moneys loaned. 

The next statement of the finances and d^bt of the Commonwealth will be 
made at the meeting of the General Assembly in December, 1859. 



LOUISIANA. 

A large portion of the original debt of this State was created for the purpose of 
aiding several banking institutions in the city of New Orleans, — the commerce of 
the city and her immense trade with the interior requiring additional facilities. 
Under the Act of 1853, the State has also granted assistance to several railway 
companies on both sides of the Mississippi river. A portion of the outstanding 
debt is for a loan to the city of New Orleans. 

Outstanding Debt, Jam. 1, 1859. 

Bonds issued to Property Banks, viz : 

Property Banks $6,322,561 

Trust Funds 1,154,591 

Second Municipality 198,240 

Now Orleans, Jackson, Great Northern Railroad Co. due 884,000 

" Opelousas and Great Western " " 621,000 

Vicksburg, Shreveport and Texas " " 174.000 

Baton Rouge. Grosse Tete and Opelousas i: " 56,000 

New Orleans and Nashville « "1867 483,000 

Mexican Gulf " " 1870 100,000 

Total State Debt $9,993,382 



STATE DEBTS. 511 

Property owned by the State : 

Bank Stocks $6,322,551 

Railway " 2,318,000 

$8,640,551 

Ways and Means : 

Balance in Treasury December 31, 1857 $398,288 

Receipts from 1st January to Dec. 31, 1858 1,712,214 

$2,110,502 
Payments same period 1,789,506 

Balance January 1, 1859 $321,996 



MAINE. 

Outstanding debt January 1, 1858 : 

6 per cent, stock $699,500 

* Trust Funds 326,700 

Miscellaneous debts 97,877 

Total debt $1,124,077 

* Consisting of the different funds in charge of the State for the purposes 
education, and the Indian and agricultural Funds. 

"Ways and Means : 

Balance in the Treasury Jan. 1, 1857 $146,277 

Receipts from all sources in 1857 357,875 

$504,152 
Expenditures same period 456,702 

Balance in the Treasury, January 1, 1858 $57,450 

The constitution prohibits any increase of the debt of the State. The mean* 
applicable to its extinguishment are the proceeds of sales of publio lands, and the 
surpluses in the Treasury on the 1st January of each year. 



MARYLAND. 



The finances of this State have materially improved within a few years, and 
her credit may now be regarded with the very best State in the Union. The em- 
barrassments into which she was drawn by her liberal aid to works of internal im- 
provements must be fresh in the minds of capitalists, as it is but about eleven 
years since she resumed the payment of interest. During this period the prinoi- 



612 capitalist's guide and railway annual. 

pal has been reduced $1,220 071, and the Sinking Fund increased $2,210,764. 
The immediate cause of the delinquency, on the part of the State, was her liabil- 
ity for account of the Chesapeake and Ohio Canal Company, which continued as 
a dead weight, although the principal of this portion of her debt is not reimbur- 
sable until 1871 and 1890, yet the interest upon it for many years has been pro- 
vided by the State from her resources without any contributions from the canal 
company whatever,— and probably will continue until extinguished by the Sink- 
ing Fund. 

Total amount issued to — 

Chesapeake and Ohio Canal Company $7,194,667 

Susquehanna Tide water Canal 1,000,000 

Baltimore and Ohio Railroad Co 3,697,000 

" " Washington Branch 500,000 

" Susquehanna Railroad Company 2,232,045 

Annapolis and Elk Ridge " 219,724 

Eastern Shore " 152,706 

Penitentiary 97,948 

Tobacco Warehouse loan 161,984 

Arrears of interest funded 854,004 



Total debt January 1, 1849 $16,140,038 

The amount of outstanding debts, January 1, 1859, is as follows : 

Sterling debt, £980,8^0, due 1890 $4,539,333 

to B. & O. Railroad Co., due 1890 3,200,000 

Dollar debt to Baltimore and Susqu'a Railroad Co., due 1871 1,510,000 

Miscellaneous currency debts, due principally in 1890 5,680,634 

Total State debt $14,919,967 

Property owned by the State : 

Productive. Bank Stocks , $518,466 

Turnpike" 15,000 

Canal " 1,000,000 

Railway Bonds and Stocks 5,616,043 

Tobacco loan 163,6»9 

Sinking Fund 3,997,276 

$11,310,474 

Unproductive. Chesapeake and Ohio Canal stock 7,194,667 

Other stocks 475,573 $18,980,714 



Excess of means $4,060,747 

Ways and Means : 

Balance in the Treasury, September 30, 1856 $592,936 

Receipts into the Treasury from all sources, 1857 1,384,705 

$1,977,641 
Payments during the year 1,259,164 

Balance in the Treasury, Sept. 30,1857 $718,477 

Sinking Fund. — This fund was composed originally by premiums derived from 
the sales of her securities. There is a separate Sinking Kund for the discharge of 
the tobacco loan, derived from tobacco inspections. The interest of this fund re- 
invested was $176,611 in 1856, and $195,111 in 1857, and if the present tax lawa 
are not repealed, the whole debt will be extinguished in 1870. 



STATE DEBTS. 513 



MASSACHUSETTS. 

Outstanding debt January 1, 1859 : 

Funded State debt, 5, 5$ @ 6 per cent $1,314,000 

Temporary loan 306,500 

Money not called for 18,955 

Registered Scrip loaned to tbe Boston and Maine Rail- 
road Company $50,000 

Western Railroad Company, sterling 4,319,520 

Norwich and Worcester Railroad Company 400,000 $4,769,520 

Total State debt $6,408,975 

Property held. and owned by the Commonwealth: 

Railway Stocks, productive $5,269,520 

Sinking Funds of railways 1,412,828 

Lands and bridge property 2,656,483 $9^38,831 

Excess of means $2,929,856 

Which is exclusive of $2,724,157 Trust Funds, held and invested by the Com- 
monwealth. 

Ways and Means : 

Balance in the Treasury, January 1, 1858 $110, 196 

Receipts in 1858,— Bank tax $606,100 

State " 578,234 

Other taxes 4,317 

Western railroad 74,861 

Alien passengers 15,108 

Courts of Insolvency 28,595 

Interest and premiums 2,578 

Miscellaneous 1,631 $1,311,424 

Trust Funds . 1,123,714 

Total means $2,545,334 

Disbursements in 1858. — Expenses of Government $1,247,131 

For the several funds 1,101,356 2,348,487 

Cash balance in the Treasury, Jan. 1, 1859 $196,847 



MICHIGAN, 



The present debt of Michigan is small for her present resources. In 1836, soon 
after her admission into the Union, and with a population of not quite one hun- 
dred thousand, she appropriated $5,000,000 for internal improvements, and issued 
6 per cent, bonds reimbursable in 1863, which were not to be sold under par. Not 
being able to place them at par, an agency was opened in New York under the 
auspices of Mr. Edward Biddle, indirectly connected with the Morris Canal and 
Banking Company and the late Bank of the United States, by which the latter 
institution, after the failure of the former, came into possession of about $3,638,000 
of this issue. At the second suspension of the United States Bank, it was found 



514 

that nearly all these bonds had been hypothecated to bankers in Europe. Ii 
consequence of the non-fulfilment of the agents of the State, she defaulted in her 
interest in 1842. In 1843 a law was passed to liquidate the public debt upon a 
basis of equity. The bonds were not pledged, but simply deposited in an agency 
for sale, and as no third party intervened, and the numbers could be easily traced, 
she resolved only to liquidate to the extent of the money received in full or in 
part, with interest. This plan was assented to by many of the leading bondhold- 
ers, and finally carried out. The above circumstances are cited to explain the 
early impression that Michigan was once a repudiating State. 

Outstanding debt on the 1st January, 1859 : 

Penitentiary Bonds, due January 1st, 1859 $20,000 

" 1860 40,000 

Balance of full paid $5,000,000 loan, January 1st, 1863. 177,000 

adjusted $5,000,000 " " " 1863. 1,718,685 
Outstanding old $5,000,000 debt, amounting, when 

funded 113,400 

Outstanding improvement warrants, &c 4,382 

Total State debt $2,073,467 

"Ways and means : 

Balance in the treasury, November 30, 1856 $388,016 

Receipts on account of General Fund 280,904 

" " Internal Improvement Fund.. . 33,347 

Education Funds 124.811 

" " Miscellaneous Funds 11,591 

$838,669 

Payments for account of General Fund 341.915 

" *« Internal Improvement Fund.. 127,563 

Education Funds 153,328 

" " Miscellaneous 57,173 

$679,979 

Balance in treasury December 1st, 1857 $158,690 



MINNESOTA. 

This State has loaned her credit to the following railway companies, vis : 

Minneapolis and Cedar Valley $1,250,000 

Southern Minnesota 1,250.000 

Transit 1,250,000 

Minnesota and Pacific 1,250,000 

Total $5,000,000 

None of the bonds have yet been issued, owing to a misunderstanding of the 
phraseology between the executive and the different recipients of the aid, as re- 
spects the priority of lien to the bonds of each company to be delivered to the 
State over all others — the former insisting that it required a priority of lien to 
the bonds of the companies to bo delivered to the State over all others, and the 
companies affirming that the true interpretation would be to place the State upon 
the same footing with the holders of the first mortgage bonds. 

The conditions upon which a loan of State credit was authorized were these: 
When the companies shall have produced to the governor satisfactory evidence, 



STATE DEBTS. 515 

verified by the affidavits of their officers, that ten miles of their roads respectively 
are graded ready for the superstructure, the governor is required to issue the 
bonds of the State to the amount of $100,000 to the said companies, and so in a 
like ratio as the work progresses. And when the companies shall have furnished 
like evidence that ten miles of their respective roads are completed and the cars 
running thereon, the governor shall issue bonds to the amount of $100,000 to such 
company until the limit fixed by the loan amendment is reached. The governor 
has ruled that only one half of the $3,000,000 can be issued for the grading of the 
roads, and the other half when the roads are completed and the cars running 
thereon, and the companies have each and all acquiesced in the decision. In other 
words, two hundred and fifty miles of railroad, through the richest and most set- 
tled portions of the State must be fully completed and in operation before the 
whole of the $5,000,000 of her bonds is delivered to the companies. 
The securities exacted by the State for the companies are as follows, to wit : 

1. They are required to execute an instrument to the State, pledging the net 
profits of the roads for the payment of interest. 

2. A conveyance to the State, in trust, of the first two hundred and forty sec- 
tions of land free from prior incumbrances, which such company is or may be au- 
thorized to sell in trust, for the better security of the treasury of the State from 
loss on said bonds, which shall empower the Governor and Secretary of State to 
make conveyances of title of any or all of said lands to purchasers agreeing with 
the respective railroad companies therefor," the proceeds of such sales to '* be ap- 
plied to the payment of interest upon the bonds in case of default of the payment 
of the same, and as a sinking fund to meet any future demands on the payment of 
interest or principal when due." The aggregate amount thus transferred to the 
State is 614,400 acres. 

3. " An amount of first mortgage bonds on the roads, lands and franchises of 
the respective companies corresponding to the State bonds issued, shall be transfer- 
red to the Treasurer of the State at the time of the issue of State bonds." 

These bonds are to bear 7 per cent, interest, reimbursable at any time after ten 
and before twenty-five years, the interest payable in New York. 
The State debt proper amounted, on the 1st January, 1859, to $250,000. 



MISSISSIPPI. 



The name of Mississippi, when connected with her plighted faith, is a by-word 
and reproach upon American State credit, and although she might have had a 
show erf reason for delinquency in paying the interest promptly, owing to a de- 
rangement of the currency and scarcity of money consequent upon the overthrow 
of the very banks, she aided to establish, yet there has never been a tangible cause 
for open and deliberate repudiation. The money in exchange for her bonds went 
into the State in good faith, and was paid to her delegated agents, to supply in 
part the capital of the Mississippi Union Bank, an institution enjoying chartered 
privileges from the Legislature and sanctioned by the Governor. .Notwithstand- 
ing these plain facts it has become a settled policy down to the present time (the 
last portion of the debt having matured in 1858) to confirm the denial of all obli- 
gation to pay the $5,000,000 of State bonds issued to the Mississippi Union Bank 
in 1838, or any portion of them, or the accrued interest. There is another debt of 
the State incurred for her subscription to the capital stock of the Planter's Bank, 
which bonds, together with the accrued interest, are unpaid. The sentiment of 
repudiation towards this class of bonds is not so strong, yet public opinion is not 
strong enough through the ballot-box to influence the legislature to an act of 
simple, justice Unvards innocent creditors holding the past due obligations of the 
State, although frequent attempts have been made to have this portion of her 
debt acknowledged. 



616 capitalist's guide and railway annual. 

The following are the outstanding bonds alluded to : 

Planters' Bank, due in 1841 $125,000 

1846 125,000 

1851 125,000 

1856, 125,000 

1861 500,000 

1866 500,000 

1871 500,000 

$2,000,000 

Miss'ippi Union Bank, 1850 1,250,000 

1853 1,250,000 

1856 1,250,000 

1858 1,250,000 

$5,000,000 

In Default with the accrued interest $7,000,000 

The State has, within a few years, granted her aid to several railway compa- 
nies, in money, not bonds, derived chiefly from the Chickasaw and School funds. 
The wealth of the State has increased astonishingly since 1840, the period of her 
financial troubles, as will be seen by the following for the year 1858 : 

Value of lands $160,000,000 

No.of Slaves, 326,861; value 220,997,800 

Value of land and negroes $380,997,800 



MISSOURI. 

The debt of this State is almost exclusively for aid to railroads, the extinguish- 
ment of which is provided by a sinking fund that will absorb the whole issue with- 
in the maturity of the bonds. The State is secured for her advances by a first 
mortgage on the different roads. 

Her whole debt in 1851 was $802,000. It now amounts to $19,658,000. In or- 
der to show the increase it is necessary to give a 

List of Acts and Appropriations : 



Name of Road 



Pacific 

"S.W.Br 

Hannibal & 
St. Joseph. 

No. Missouri 

St. Louis and 
Iron Mont'n 

Cairo & Ful- 
ton 

Platte Co... 

Totals 



Act Act 

Feb. 22,1851 Z>ec.23,1852 



$2,000,000 
1,500,000 



$1,000,000 
* 1,000,000 



2,000,000 



Act 
March, 1855. 



Act | Act 
Dec. 10, 1855 Mar. 3,1857, 



$2,000,000 ,$1,000,000 
-f-4,500,000 

1,500,000 ,' 
i 2,000,000! 1,500,000 



Total. 



t$ 1,500,000 



$3,500,000 $4,000,000 



$1,500,000 



1,500,000 
250,000 



$7,250,000 



600,000 

400,000 
700,000 



$8,700,000 



$6,000,000 
5,500,000 

3,000,000 
5,500,000 

3,600,000 

650,500 
700,000 



$24,950,000 



By Act Deo. 10th, 1855, transferred to main line. 

State's endorsement. 

Feb. 1853, $750,000 j March, 1865, $750,000 ; total, $1,500,000. 



STATE DEBTS. 517 

The act of Feb. 22, 1851, gave to the Pacific company, $2,000,000, upon a stock 
subscription of $1,500,000, payable in sums of not less than $50,000 upon bonajide 
payments from stockholders. It also gave to the Hannibal and St. Joseph compa- 
ny $1,500,000, upon a bonajide stock subscription of $500,000 in like manner. 
The act of December 25th, 1852, granted to the South West Branch $1,000,000, 
on a stock subscription of $500,000. The same act gave $1,000,000 additional aid 
upon the same conditions to the main line of the Pacific company, provided the 
main stem was completed to its western terminus in Jackson county within five 
years. In February, 1853, an act was passed loaning to the Iron Mountain Com- 
pany $750,000, payable in like manner on a stock subscription of $300,000. This 
grant was increased in March, 1855, to $1,500,000 upon the same terms" and condi- 
tions. The same act provided for $300,000 additional to the Pacific company, to 
be expended west of Jefferson City. 

These bonds have twenty years to run, and bear six per cent, interest. 

For these appropriations under the act of Dec. 10th, 1855, the State issues her 
thirty year bonds, bearing six per cent, interest, for double the amount of bona fide 
individual subscriptions. In all cases the issues of bonds are limited to the aggre- 
gate appropriation to each company. 

As a condition for the appropriation under the act of March 3d, 1857, each 
road is required to finish up its work to some point where the traffic will be a 
source of income ; the recipients not to sell the State bonds less than par ; if so, 
the discount must be made up by an increase of private subscriptions ; and in 
making applications for bonds the companies cannot include interest, discount, or 
commissions as a part of the actual expenditures. For the State's endorsement 
of $4,500,000 o/ the bonds of the South West Branch, she is to be secured by a 
mortgage upon 1,000,000 acres of land along the line of the road, giving the com- 
pany four years to finish the road to Springfield. The Pacific Company to draw 
$1,000,000 of the appropriation of 1855 by showing an expenditure of $500,000 
for work done west of Jefferson City, the balance, under that act, $300,000, can be 
drawn when $150,000 work is done from subscriptions. A further loan of $1,000,000 
is made, no part of which can be drawn until previous appropriations have been 
absorbed and work done from subscriptions for one half of the amount applied for. 
The $500,000 loaned to the North Missouri road is to complete the road to the 
junction with the H and S. J. ft. R. The bonds not to be sold below par ; if be- 
low par, the discount is to be made up by private subscriptions. 

The large amount of Missouri bonds upon the market in 1857, and the low 
price to which they sunk during the panic of 1857, led to further legislation with 
regard to the very liberal appropriation of the State's credit. The necessity of 
restricting the issues and providing against a default of interest was absolutely ne- 
cessary in order to maintain the credit of her securities. This was done prompt- 
ly by the passage of the supplementary act of Nov. 19, 1857. It suspended, until 
1st March, 1859, all appropriations ufider the act of 3rd March, 1857, and those 
under the act of Dec. 10th, 1855— except : 

$400,000 necessary to complete the Pacific Railroad to Round Hill. 
476,000 " " the Iron Mountain Railroad to Pilot Knob. 

250,000 " " the North Missouri Railroad to Mexico. 

750,000 " " " " to Junction of 

H. & S. J. Railroad Co. 
200,000 " " the S. W. Branch Railroad to Moseley's. 



$2,076,000 



The $200,000 to the S. W. Branch was in lieu of the State's endorsement and 
have twenty years to run ; interest 6 per cent. The act provides that whenever 
the bonds of the State can be sold at 90 per cent, the Governor may make an 
issue to the extent of $500,000 for the construction of the S. W. Branch, in lieu 
of the same amount of endorsed bonds. All guaranteed bonds issued to be deliv- 
ered up in exchange for the direct bonds of the State having twenty years to run 
and bearing six per cent, interest. 

Under the several acts there had been issued, as per report of the Board of Pub- 
lic Works, to January 10, 1859, $19,056,000 ; leaving $5,894,000 to be drawn, as 
will be seen by the following table : 

44 



518 capitalist's guide and railway annual. 

Name of Road ^ tate a ^ ® ate °^ ^ tate ai ^ ^ a amount 

J ' granted. received. unissued. realized- 

Pacific $7,000,000 $6,780,000 $220,000 $6,026,407 

" S W. Branch 4,500,000 f 1,400,000 3,100,000 1,091,751 

Hannibal and St. Joseph 3,00,000 3,000,000 2,432,698 

North Missouri 5,500,000 4,350,000 £1,150,000 3,683,201 

St. Louis and Iron Mountain 3,600,000 3,276,000 324.000 2,677,453 

Cairo and Fulton 650,000 * 250,000 400,000 217,827 

Platte County 700,000 700,000 

Totals, $24,950,000 $19,056,000 $3,894,000 $16,129,337 

* $70,000 on hand, not sold. 

t $1,268,000 direct bonds; $132,000 guaranteed bonds. 

X $1,000,000 in the hands of State Agents for special disbursement. 



State Debt, January 1, 1859. 

For what purpose issued. When due. Rate Int. 

Stock in Bank State of Missouri.. . 1862 5£ 

" " "' ... 1862 6 

" .. 1863 6 

For State Capital ' 1863 6 

To pay loan due in 1853 1883 6 

Total debt proper of Missouri.. 

Bonds Issued to Railway Companies. 

Pacific 1872 6 $500,000 

" 1873 6 700,000 

« 1874 6 800,000 

« 1875 6 1,000,000 

" 1886 6 1,700,000 

" 1887 6 2,080,000 

S.W.Branch 1877/ 6 768,000 

' 18785 6 500,000 

Hannibal and St. Joseph 1872-1875 6 1,500,000 

1887 6 1,500,000 

North Missouri 1874 6 150,000 

« 1875 6 609.000 

1876 6 481,000 

1S77 6 1,360,000 

1886 6 1,000,000 

1883 6 750,000 

St. Louis and Iron Mountain 1874 6 50,000 

1875 6 350,000 

1876 6 860,000 

1877 6 240,000 
1887 6 1,776,000 

Cairo and Fulton 1887 6 100,000 

« 1888 6 150,000 

Total direct debt 



Amount. 
$63,000 
100,000 
199,000 
40,000 
200,000 

$602,000 



$6,780,000 



$1,268,000 



$3,000,000 



$ 4,350,000 



$3,276,000 



$250,000 
$19,526,000 



STATE DEBTS. 519 

Endorsement. 

For what purpose issued. When due. Rate Int. Amount. 

Brought over, $19,526,000 
S. W. Branch R. R. construction. 1876 7 132,000 

Total liabilities $19,658,000 

Property of the State : 

Bank Stocks .• $954,000 

1st lien on the railway property, including equipment, } 

real estate, &c, of the respective companies re- > 19,056,000 

ceivingher aid j 

Swamp lands, 3,000,000 acres, $1,25 3,750,000 $23,760,000 

Excess of means $4,102,000 

Ways and means : 

Balance in Treasury, Oct. 1, 1856 $271,892 

Receipts from ordinary sources, viz: 

Taxes 1,377,626 

$1,649,518 

The money receivable for interest from the various railway compa- 
nies does not go into the general fund, but is remitted from time 
to time to the Bank of Commerce, in New York, for the credit of the 
different issues of bonds. 

Disbursements : 

Ordinary and special (including $200,000 State debt) $1,132,175 

Common Schools 309,115 

State Interest 93,607 

Glover's (late State Treasurer) default 37,045 

Miscellaneous v 213,311 $1,595,253 

Balance in the Treasury, Oct. I, 1858 $54,265 

The North Missouri and St. Louis and Iron Mountain Companies both failed 
to provide the semi-annual interest due in January and July, 1859, on the State 
bonds issued to them for the construction of their roads, and has thrown the burden 
upon the State to supply the amount from the treasury, which has been promptly 
done from the guarantee fund. 

Sinking and Interest Funds. 

Under the act of Dec. 10, 1855, each company has to deposit annually with the 
State Treasurer lg per cent, or $15,00 on each thirty year bond, and 1\ per cent, 
or $25,00 on each twenty year bond sold or hypothecated, — to be invested at 
not less than 7 per cent, interest. This fund is to be managed by three 
commissioners who are to be annually elected by the people. By the same 
act the State must set apart $200,000 in 1856 and $100,000 in every subsequent 
year until 1870, to be invested in State bonds as a guarantee fund for the pay- 
ment of the interest. The act of 19th Nov., 1857, commonly known as the inter- 
est bill, provides, in addition to the moneys set apart by law, that there shall be 
levied annually and collected a special tax of one-tenth of one per cent, on the 
$100, of all property taxable within the State, which shall be collected and paid 
over to the commissioners of the interest fund, commencing with the fiscal year of 
1859. The same act provides that all moneys that may be found due to the State 
from the United States, growing out of unsettled amounts for public lands, under 
the act of March 6, 1820, for the admission of the State into the Union, shall be 
paid into the Commissioners and be ndded to and constitute a part of the inteiest 
fund. Ten per cent, of the net earnings annuallyjfrom all roads completed is re- 
quired to be paid to the commissioners for the same purpose. 



520 capitalist's guide and railway annual. 

The operations of the fund for 1856 were as follows : 

1856 on 20 year bonds issued $6,933 $25 $173,325 

" 30 " " 2,700 15 40,500 

" Appropriation from the treasury 200,000 

First year's accumulation $413,825 

Prior to the close of the fiscal year $50,000 State bonds had been purchased 
from this fund. The compiler has been unable to procure the full particulars of 
the operations for the whole year of 1856, nor a statement of its workings 
in 1857 and 1858, during a period of great depression in the value of the bonds. 
It will be perceived, however, that if the payments to the commissioners were 
prompt, the fuud must have been considerably augmented by advantages of a de- 
cline in the market value of the bonds from the commencement of the fiscal year 
of 1858 to its close. The reader will note that the annual collections from the 
different railway companies creating a sinking fund under the act of Dec. 10, 
1855, prescribes that this fund must be invested at 7 per cent. The bonds of the 
State therefore at anything over 85,70-100 would not yield 7 per cent. The com- 
piler has made a calculation of an investment of the income made as specified 
in the several acts for the creation of this fund, which results as follows : 

The accumulation of 1856 will sink 480 bonds at 90, the aver, market value. 

" 1857 " 546 « 80 

« 1858 " 572 " 88 

" 1859 " 605 " 90, estimated 

1860 " 625 " 95 

1861 " 607 " par 

Total in six years 3,435 

At this period it is estimated the whole of the State aid granted will be drawn, 
leaving outstanding 1st October, 1861, 21,515 bonds, amounting to $21,515,000. 
Now with the annual deposits to the sinking fund of $25 for each twenty year 
bond, and $15 for each thirty year bond ; the $100,000 from the treasury ; the tax 
of l-10th of one per cent upon the general list ; the general government fund, and 
l-10th of the net income from the railroads, will form the nucleus to a sinking 
fund commencing in 1860, that will absorb the State debt as follows : 

I 9,394 

1st Oct., 1862 1,294 bonds at par ! 1st Oct., 1868 1,950 bonds at 107 

1863 1,450 " " 1869 2,100 " 107 

1864 1,552 " 105 1870 2,171 " 108 

1865 1,600 " 105 1871 2,i00 " 108 

1866 1,700 » 106 1872 2,200 " 110 

1867 1,800 " 107 | 1st July, 1873 1,500 " 110 

9.394 21,515 

The interest bill of the 19th Nov., 1857, further provides that if any of 
the companies fail to furnish the money for the interest on the State 
bonds issued to them respectively, by the 1st June and 1st December of 
each year, the commissioners of the above fund, if said fund is exhausted, is 
empowered to take from and use out of any funds in the treasury, except the 
road, canal, internal improvement and State school funds, a sum or sums sufficient 
to pay the deficiency of interest, and should there not be sufficient money in the 
Treasury, then the Governor of the State is authorized to execute and deliver 
to the commissioners bonds of the State of Missouri, to be called revenue 
bonds, in sums of $1,000 each, payable either in New York or St. Louis, 
t wo years after date, and bearing interest at not exceeding 10 per cent, per 
annum, with coupons attached, payable semi-annually, with power to sell or hy- 
pothecate the same and thus provide for the payment of the interest ; and for the 
payment of these revenue bonds all moneys in the treasury not otherwise appro- 
priated are pledged. 



STATE DEBTS. 521 

NEW HAMPSHIRE. 

No debt. 



NEW JEHSEY. 

No debt. 



NEW YORK. 

There are three classes of debt in this State, viz : 

The Canal Debt — the interest upon which is paid from the revenues of the 
canal, after paying expenses of construction and repairs ; and its final extinguish- 
ment is provided for by sinking funds by the constitution. 

General Fund Debt— the interest being paid by the State from taxes. 

Contingent Debt — loans to railway companies, the interest and principal of 
which are provided for by the companies without any tax upon the State, except 
in case of default. 

The origin of the canal debt dates back as far as 1817, when it was but $200,000. 
The following is the amount outstanding Oct. 1, 1858: 

Canal Debt. 
Article 7, Sec. 1, Constitution: 

Erie Canal enlargement $1,401,868 

Chemung Canal 193,452 

Chenango Canal 11,362 

Black River Canal 131,305 

Genessee Valley Canal 2,528,244 

Oneida River Improvement 59,843 

Payment of debt prior to 1st June, 1846 100,000 

Provision for deficiencies 7,239,025 

$11,665,099 

Article 7, Section 3, Constitution : 

Enlargement and completion of the Canals $9,000,000 

Redemption of Canal revenue certificates 1,500,000 

Provision for deficiencies, (interest), 1,500,000 

$12,000,000 

Interest on the following, paid by general fund : 

Albany Basin, (laws 1849). $192,585 

Extraordinary repairs, (laws 1849) 50,000 

Enlargement of locks, Oswego, (laws 1851) 200,000 

Work at Montezuma Marshes, (laws 1857) 200,000 

$642,585 

Outstanding debt paying no interest 152,330 

Total canal debt $24,460,014 

44* 



522 capitalist's guide and railway annual. 



General Fund State Debt. 
For wluu purpose issued. Rate. When due. 



Astor debt 5 

General fund debt sinking fund 5 

6 

5 

5 



Ithaca'and Oswego R. R. Co. 



Hudson and Berkshire R. R. Co. . , 
Canajoharie and Catskill R. R. Co. 



N. Y. and Erie R. R. Co. 



4* 
H 

5k 

5 

5 

4* 

6 



At pleas'e 

a 

1868 
1875 

1864 
1865 

1865 
1859 
1860 

1859 
1860 
1861 
1861 
1862 



Comptroller 5 Demand. 

H 

6 

6 1866 

6 At] 



Indian annuities. 



Total general fund State debt . 

Contingent State Debt. 
Loans to railway companies : 
Auburn & Rochester R. R. Co 5£ 



51 



Tonawanda R. R. Co 5j 

Auburn and Syracuse R. R. Co 5 

Long Island *f 6 

Schenectady and Troy " 6 

Tioga Coal Mining & Navigation Co. 5j 



Total contingent debt 

Recapitulation of Debt. 

General fund debt, (interest paid by State) 

Canal debt, (interest paid by canal tolls) 

Canal floating debt, (interest paid by canal tolls). . . . . 
Contingent debt, (interest paid by railway companies) 

Deficiency in general fund, (floating,) 

Total liability of State of New York 

Property owned by State : 

Canal property, productive, at 6 per cent, (value) 

Railway property, productive, current interest 

School fund, invested 

Literature fund, invested 

United States deposit fund 

Sinking fund (exclusive of canal) 

Excess of liabilities, at cash valuation 



$348,107 
889,781 
442,961 
100,000 

287,700 
28,000 



50,000 
50,000 

300,000 
400,000 
1,200,000 
200,000 
900,000 

28,698 
11,000 
14,213 
385,000 
36,000 



$6,505,655 

24,460,014 

2,000,000 

770,000 

953,264 



$561,500 



1,780,849 



315,700 
150,000 



100,000 



3,000,000 



474,911 
122,695 

$6,505,655 



1860 


$100,000 




1861 


100,000 


$200,000 


1865 




100,000 


1858 




200,000 


1861 




100,000 


1867 




100,000 


1865 




70,000 



$770,000 



$34,688,933 



$16,530,000 

770,000 
2,551,261 

269,952 
4,014,521 

213,095 24,348,829 

$10,340,104 



STATE DEBTS. 523 

The value of the canal property is based upon a net revenue of 6 per centum 
over and above cost of repairs ana all other expenses; but inasmuch as seme 
$12,000,000 have been expended (chiefly the Erie) for enlarging their capacity 
without a corresponding return for what money has been thus spent in the in- 
orease of the canal debt, due allowance must be made for so low a valuation. 

Ways and Means. 

Balance in the treasury, Sept. 30, 1857 $452,610 

Receipts— State tax $3,071,331 

Permanent revenue 163,716 

Temporary revenue 6,432 

State Prison earnings 76,881 

Miscellaneous 5, 129 

Contingent receipts 1,467,172 

Sinking funds 852,782 

5,643,443 

Warrants unpaid 654 

Total means $6,096,707 

Disbursements — State tax to canal fund $1,240,500 

Miscellaneous 4,289,787 

Warrants unpaid 461 5,530,748 

Balance in treasury, Oct. 1, 1858 $565,959 

Sinking Fund for the Canal Debt. — This fund is composed of the net amount 
of tolls from the canals, interest upon the investments, receipts from miscellane- 
ous sources, and proceeds from the one mill tax from the general list. The charges 
to it are the interest on the cinal debt and miscellaneous expenses for various ob- 
jects connected with the canals. The principal of the debt, whenever it becomes 
due, is also chargeable to the fund, and loans to supply deficiencies are credited, to- 
gether with the premiums received. 

Operations under Article 7, Sec. 1, Constitution. 
Receipts for twelve years, ending Sept. 30, 1858 : 

From Tolls $16,415,675 

" Interest 181,610 

" Miscellaneous 459,906 

" Taxes 817,056 

" Loans 8,064,025 

$25,938,272 

Payments same time : 

For redemption principal of debt $14,288,262 

Interest on " 9,634,186 

Old claims 200,368 

Premiums on stock and tax loans 683,981 

Miscellaneous 29,146 

24,835,943 

Balance at credit $1,102,329 

Operations of Sinking Fund, Art. 7, Seed, Consfn: 

Balance Sept. 30, 1857 $88,176 

Loan due 1875 500,000 

Premium and interest received 35,434 

Due to other funds, to be reimbursed 261,018 

$884,628 

Payments : 

Interest on loans $706,281 

Appropriation overdrawn 85,762 

$792,043 

Balance at credit $92,585 



524 capitalist's guide and railway annual. 



NORTH CAROLINA. 

A large part of the debt of this State is of recent origin, and consists of aid to 
works of public improvement which have assisted materially in developing the 
resources of the western and middle portions. 

The following is the outstanding debt, Nov. 1, 185S : 

For what purpose issued. When due. Amounts. 

Registered Stock: 

Bank Cape Fear 1859 $200,000 

Raleigh & Gaston R. R. Co 1860 500,000 

State debt, proper, 1861 40,000 

1862 130,000 

Fayetteville and West. Plank Road Co 1869 26,500 

" 1870 33,500 

1871 40,000 

1872 20,000 

$990,000 

Coupon Bonds : 

Wilmington & Weldon Rail Road and Tar \ 1864 41,000 

River improvement. S 1865 111,000 

North Carolina R. R 1883 1,000,000 

1884 630,000 

1885 1,370,000 

Fayetteville & Centre Plank Road Co 1875 20,000 

1876 10,000 

Fayetteville and Warsaw Plank Road Co.... 1875 4,000 

Improvement Tar River 1886 15,000 

Lunatic Asylum 1866 59,000 

Atlantic and North Carolina Railroad 1886 533.000 

Western and North Carolina 1886 200,000 

Fayetteville and Albemarle Plank Road Co.. 1877 20,000 

Warsaw " .. 1877 6,000 

Atlantic & North Carolina Railroad Co 1887 533,600 

Western " M .... 1888 400,000 

Insane Asylum 1878 21,000 

$5,013,600 

Endorsed Bonds : 

Wilmington and Weldon Railroad Co 1865 250,000 

Cape Fear and Deep River Navigation Co. . 1885 300,000 

Chesapeake and Albemarle Canal Co 1887 250,000 

800,000 

Floating debt direct from the State 302,418 

Total liability of the State $7,106,018 



OHIO. 

The debt of Ohio is of two classes, reimbursable and irreducible ; the former 
embraces the foreign and domestic liabilities payable after certain fixed periods, 
while the latter is constituted of the proceeds of lands granted by Congress for 
the support of schools and religion, received into the treasury upon sales by the 
State under a pledge to pay six per centum on the amount, for the same purposes, 
forever. 



STATB DEBTS. 52§ 

Outstanding debt, Dec. 1, 1858 : 

6 per cent stock due in 1860 $6,413,525 

5 " " 1865 1,025,000 

6 •« " 1870 ,. 2,183,532 

6 « " 1875 1,000,000 

6 " " 1886 700,000 

6 " Dom'c b'ds 1866 3,309,633 

Total reimbursable $14,631,690 

6 per cent, irreducible debt, viz : 

School fund, (section 16) $1,894,385 

Western Reserve school fund 256,121 

Virginia military " 154,791 

U. States^ " « 120,272 

Section29 " 66,632 

Moravian " 3,161 

Ohio University " 1,897 

Salt fund 41,024 $2,538,283 



Total State debt $17,169,973 

Property of the State : 

Public works (State Canals), cost $14,725,182 

Turnpike stocks 1,587,463 

Canal stocks 570,000 

Railway stocks and bonds 693,333 $17,575,978 

Excess of means $406,005 

Ways and Means : 

Balance in treasury, Nov. 1 5, 1857 $726,940 

Received from taxes in 1858 2,509,807 

Canaltolls, &c, 1858 285,366 

" Lands, dividends, interest, &c 125,633 

" Licenses .8,714 

" Bank taxes, earnings penitentiary, &c. . 67,181 

" Proceeds temporary loan, $700,000 704.657 

Returned by fund commissioners, not called for in N. Y. 57,363 

$4,485,661 

Payments same period : 

Interest on the public debt $1,133,614 

Redemption of " (1856) 12,004 

Public works 383,010 

Expenses fund commissioners 9,063 

Expenses State government 788,269 

School fund 1,189,499 

Gibson— Breslin defalcation 744,083 4,259,542 



Balance in the treasury $226,119 

Sinking Fund. — The Commissioners of this fund consist of the Auditor of the 
State, Secretary of State, and Attorney General. Its resources are from a tax of 
9-10 of a mill in the general list, and produced in 1858 $724,655 ; also, from sales 
of land, turnpike, canal and railroad dividends ; and profits from the public 
works. Out of this fund the interest on the pub lie debt is paid, and a yearly re- 
duction of not less than $100,000 of the principal, to be compounded at the rate of 
six per cent, is required by the constitution. 



526 capitalist's guide and railway annual. 



PENNSYLVANIA. 

The credit of the commonwealth is now established upon a solid basis, and for 
safety her securities are equal to those of any State in the Union. Her connex- 
ion with the United States Bank, after it became a State institution, together 
with the burden of an unsound system of internal improvements, led to the crea- 
tion of a large debt, for which she makes but a moderate exhibit of property as 
an offset. The mainline of public works, which originally cost $14,361,320, was 
sold to the Pennsylvania railroad company in 1857 for $7,500,000, on a long credit. 
The lateral works, which cost $6,471,994 were sold to the Sunbury and Erie rail- 
road company and by them resold, yielding the State $3,781,250, and the pro- 
ceeds to the extent of $2,000,000 in canal bonds were loaned to the Sunbury and 
Erie railroad company to aid them in the construction of their road from Wil- 
liamsport to Warren. Notwithstanding the large loss sustained by the Common- 
wealth, and the embarrassments growing out of the extravagant use of her cre- 
dit, her people have nobly sustained her by a willingness to be taxed to pay the 
interest upon her heavy debt, which amounts annually to more than half of all 
the disbursements from the treasury. It is estimated the receipts for the fiscal 
year, ending Nov. 30, 1859, under existing laws, will realize a sum sufficient to 
redeem, at least, $800,000 of the public debt, in addition to the sum of $220,645 
paid in December out of revenues which belonged to 1858, and which were not 
applied to that purpose at an earlier day by the commissioners of the Sinking 
Fund. * 

Outstanding Public Debt, December 1, 1858 : 



Dates of Acts. 

Stock loans April 2, 1821. 

April 9, 1827. 

March 24,1828. 

Dec. 18, 1828. 

April 22, 1829. 

Dec. 7, 1829. 

March 13,1830. 

March 21, 1831. 

March 28, 1831. 

March 30, 1831. 

March 80, 1832. 

April 5, 1832. 

Feb. 16, 1833. 



Rate Int. 

6 
5 
5 
5 
5 
5 
5 
5 
5 
5 
5 
5 
5 



When reimbursable. 



June 
Dec. 
Dec. 
Jan. 
Dec. 



March 1, 1833 4£ 

March 27, 1833. 

April 

April 

Jan'y 

Feb. 



July 

Jan'y 

April 

June 

Relief loan May 

Stock " May 

In. certif 's July 

March 
May 



5,1834 

13,1835 

26, 1839 

9, 1839 

March 16, 1839 

March 27, 1839 

June 7, 1839 

June 27,1839 

19,1839 

23, 1840 

3,1840 

11, 1840 

4,1841 

5,1841 

27, 1842 

7, 1843 

31, 1844 



1,1841...,. 
1,1850.... 
1, 1853. . . . 

1, 1854. . . . 

1, 1854.... 
Bank charter loan . 
March 4, 1858. . . . 
July 1, 1856 
Mar. 28, 1861.... 
July 1, 1856. . . . 
July 1,1860.... 
July 1,1860... 
July 1,1858.... 
April 10, 1863.... 
July 1, 1858. . . . 
July 1, 1862. . . . 

1, 1865. . . . 

1, 1859.... 

1, 1864... 

1, 1864. . . . 

1, 1868. . . . 

1, 1859. . . . 



July 
July 
July 
July 
July 
Aug. 



June 27, 1864. 

July 

Jan. 

Aug. 

July 

May 



1, 1868 

1, 1865 

1,1864 

1,1870 

4,1846 

Bank charter loans. 

Aug. 1,1843 

Aug 1,1846 

Aug. 1,1846 



Amount. 

$630 

2,003 

1,617,550 

666,303 

1,835,274 

50,000 

3,798,903 

2,242,181 

79,900 

273,526 

2,111,615 

286,835 

2,430,060 

188,200 

498,256 

2,047,875 

903,505 

1,075,971 

1,145,838 

89,851 

463,284 

47,111 

1,076,389 

2,003,080 

736,510 

708,888 

1,819,720 

105,350 

376,687 

5,725 

7,910 

9,720 



STATE DEBTS. 



527 



Outstanding Public Debt — Continued. 
Dates of Acts. Rate Int. When Reimbursable. 

Stock loans April 29, 1844 5 March 1, 1849 

April 16,1845 5 Aug 1,1855 

Jan'y 22,1847 5 Bank charter loans. . 

April 11, 1848 6 April 11, 1853 

In. PL loan April 10, 1849 6 April 10, 1879 

N. branch April 2, 1852 4h &5 July 1, 1882 

Loan for the redemption of six per 
cent. State stock, interest certifi- 
cates, domestic creditor certifi- 

cates,&c.,per act of May 4, 1852. 4 & 5 Aug. 1, 1877 

Loan for the redemption of State 
stock, &c, due and becoming 
due, per act of April 19, 1853. . . 5 Aug. 1, 1878 



Total State debt. 



Recapitulation 



Past due 

Reimbursable. 



1859 
1860 
1861 
1862 
1863 
1864 



1870 
1877 
1878 
1879 
1882 



Bank charter loans 

Relief of notes in circulation . 



Property of the State : 

Due by Pennsylvania railroad company. 
" Sunbury and Erie " 
" other corporations 

Unavailable bank balances > 



Excess of liabilities 

Ways and Means : 

Balance in the treasury November 30, 1857 

of which $41,032 is depreciated and unavailable. 

Receipts for 1858 : 

Tax on real and personal estate $1,610,229 

" corporation stocks 408,407 

" bank dividends 260,741 

" loans 148,363 

" tonnage 224,536 

Other taxes 107,422 

Licenses and commissions 490,151 

Canal and railroad tolls 95,070 

Interest on loans 411,043 

Pennsylvania R.R. Co. ac. Public Works 100,000 

Miscellaneous 283,816 



$7,400,000 

3,871,250 

1,708,996 

280,000 



$569,138 



Amount. 

129 

4,032,652 

23,000 

44,550 

400,000 

850,000 



5,000,000 

428,000 
$39,482,992 



$17,465,378 

1,123,083 

2,398,455 

79,900 

2,047,875 

188,200 

3,028,968 

1,640,015 

2,466,365 

1,819,720 

5,000,000 

428,000 

400,000 

850,000 

449,683 

105,350 

$39,482,992 



$13,260,246 
$26,222,746 



4,139,778 4,708,916 



528 capitalist's guide and railway annual. 

Disbursements : 

Interest on public debt $2,007,761 

Public improvements 202,665 

Expenses of Government 399,888 

Charity 111,908 

Schools 277,590 

Commissioners sinking fund 421,378 

Old claims, public works 138,371 

Miscellaneous 216,296 $3,775,857 

Balance in treasury, Dec. 1, 1858 $933,059 

of which $41,032 is unavailable. 

Note — There is, as an offset against the balance in the treasury, four months* 
interest due on the public debt, equal to about $669,000. 



RHODE ISLAND. 

No public debt. 



SOUTH CAROLINA. 

With the exception of the loan to the Blue Ridge Railroad Company, most of 
the debt of this State was incurred in 1838 for the rebuilding of Charleston, and 
is held in England. 

The following is the outstanding direct debt on the 31st December, 1858 : 

Registered stock 3 per cent $66,603 

" 5 " 35,513 

Sterling fire loan bonds 5 " 501,111 

" stock 6 " 739,516 

Blue Ridge railroad bonds 6 " 1,000.000 

Newcapital " 6 " 500,000 

registered stock 6 " 550,000 

Total direct debt $3,392,743 

Endorsements : 

To South Carolina railroad company, due 1866 $2,000,000 

Spartanburg and Union Railroad Company 220,000 

Total direct and contingent $5,612,643 

To which may be added the State's quota of the surplus revenue re- 
ceived from the Federal Government $2,051,422 

Total liabilities $6,664,165 



STATE DEBTS. 



52$ 



Property of ihe State : 

Hallway stocks 

Endorsements for railways 

Bank State South Carolina 

" sinking funds 

Balance in treasury, October 1, 1858. 



Excess of means. 



Ways and Means : 

Balance in the treasury, October 1, 1857. 

Recieved for taxes 

Miscellaneous 

Account New State Capitol 

Less expended on same 



$543,867 
522,604 



$2 142,300 

2,220,000 

2,288,326 

1,843.803 

100,973 



$123,481 

439,137 

31,411 



$8,595,402 
$1,931,237 



21,263 $615,992 



Disbursements : 

State Government 

Education and Charity. 

Improvements 

Interest 

Miscellaneous 



$210,375 

190,249 

34,486 

42,148 

37,762 



Balance in the treasury, Oct. 1, 1858. 



$515,920 

$100,972 



Bank of the State of South Carolina. — This institution is the exclusive 
property of the State, and acts as her fiscal agent. It has control of the different 
sinking funds ; is in good credit and enjoys the confidence of the people. 

Its financial condition on 1st October, 1858, stood as follows : 



Discounts 

Domestic exchange 

Foreign " 

Loans on stocks 

Bonds and stocks 

Real estate 

Suspended debt and in suit 
Due by Branches & Ag'cs. 

" Banks 

Other investments 

Specie 

Bills of other Banks 



$1,621,625 
434,867 
111,496 
252.629 

1,123,974 
111,6*9 
588,901 

1,440,485 

107,657 

470.037 

225,498 

22,950 



$6,541,768 



Capital stock. 
Circulation. . . 

Profits 

Due Banks. . . 
State Treasury. 



Deposits . 



Sinking Fd 
Fire loan 



$1,090,977 

1,434.852 

205,000 

152,354 

225,538 

1,663,591 

1,197.349 

572,107 



$6,541,768 



TENNESSEE. 



The debt of this State in 1849 was $3,801,556. In 1850, a system of internal 
improvements was inaugurated, principally by direct aid from the State, in which 
was developed, to a remarkable degree, her resources, particularly those of the 
eastern portion, enabling her farmers now to send_the earliest wheat from that re- 
gion to the northern markets. Simultaneous with this system the connecting 
finks through Virginia and Georgia have been supplied, thus affording a direot 

45 



630 capitalist's guide and railway annual. 

line of railway from the seaboard to the Mississippi valley through a section of 
country, rich in agricultural and mineral wealth, but hitherto shut out from 
market for the want of avenues for transportation. 

[State Debt. 
Outstanding Jan. 1, 1859. 

State Capitol . 1859 6 $50,000 

Nashville, M . and S. Turnpike Co 1861 54 66,666 

Turnpike companies 1862 54 61,200 

1863 54 $52,750 

Union Bank « 5 125,000 

177,750 

Turnpike companies 1864 54 68,500 

" 6 10,000 

Bank of Tennessee 1868 6 1,000.000 

Turnpike companies " 6 6,000 

" and railroad companies " 5 245,000 

1,251,000 

1869 5 316,500 

1870 5 324,800 

State Capitol . " 6 75,000 

399,800 

1871 6 75,000 

Turnpike and railroad companies " 5 385,000 

460,000 

1872 5 88,000 

" 6 16,000 

State Capitol " 6 250,000 

354,000 

Turnpike and railroad companies 1873 5 81,000 

1874 5 19,000 

State Capitol " 6 191.000 

210.000 

Turnpike and railroad companies 1875 5 39,000 

" " 1876 5 32.390 

" 1877 5 102,800 

East Tennessee and Georgia R. R. Co. 1879 5 73,000 

" " " 1880 5 52,000 

" " " 1881 5 76,000 

Miss, and Dyers Plank Road Company 1892 6 25,000 

State Capitol 1886 6 100,000 

Agricultural Bureau 1892 6 30,000 

Hermatage " 6 48,000 

Railway companies " 6 7,705,000 

7,783,000 

" 1898 6 400,000 

Total direct debt $12,179,606 

Endorsement?. 

The State has guaranteed the principal and interest on the following bonds : 

Nashville and Chattanooga R. R. Co 1874 . . $325,000 

" " " 1879 .. 325,000 

" 1881 .. 500,000 

" 1882 .. 350,000 

East Tennessee and Virginia " 1886 . . 200.000 

Georgia " 1892 .. 300,000 

Tennessee and Alabama. " 1887 .. 46.000 

City of Memphis (for M. & L. R. R. Co. 1886 . . 119.000 

1887 .. 183,000 

1888 .. 48,000 

$2,396,000 

Total liability of the State $14,575,606 



STATE DEBTS. 531 

Property of the State : 

Bank of Tennessee (owned by the State) - $3,361,131 

in which is included the stock of other Banks, $397,194, 
and School and other Trust Funds, amounting to $670- 
593 

Loans to railway companies 10,933,000 

Turnpike company stocks, productive 1,297,608 

State Capitol and grounds, cost 741,9 JO $16,332,737 

Excess of means $2,157,131 

Ways and Means : 

Balance in the treasury, Oct. 1, 1855 $87,839 

Receipts for two years, ending Oct. 1, 1857 1,451,176 

$1,539,015 
Disbursements, same period \' 1,502,519 

Balance in the treasury Oct. 1,2857 $36,496 

Railroads Entitled to State Aid. 

Name of Road. Am. Granted ^jj^^ Bal. Due. 

Memphis and Charleston $1,100,000 $1,100,000 

Mississippi and Tennessee 98,000 93,000 

Memphis and Ohio 1*400,000 670,000 $730,000 

Mobile and Ohio 1,345,000 774,000 571,000 

Mississippi Central and Tennessee 647,000 574,000 73,000 

Nashville and Northwestern 1,775,000 1,775,000 

Nashville and Chattanooga 1,500,000 1,500,000 

Tennessee and Alabama 1,333,000 817,000 516,000 

Louisville and Nashville 555,000 > ~. ir . nnfk kh aaa 

Edgefield and Kentucky 696,000 \ 740 ' 000 511 ' 000 

Winchester and Alabama 510,000 14,000 496,000 

McMinnville and Manchester 372,000 372,000 

Central Southern 585,000 585,000 

Memphis, Clarkeville and Louisville 980,000 20,000 960,000 

East Tennessee and Georgia 970,000 970,000 

"Virginia 1,802,000 1,802,000 

Knocksville and Charleston 850,000 850,000 

" Kentucky 700,000 700,000 

Cleveland and Chattanooga 600,000 300,000 300,000 

Cumberland Gap 1,140,000 1,140,000 

Rogersville and Jefferson 240,000 240,000 

Memphis and Little Rock 350,000 350,000 

$19,548,000 $10,101,000 $19,447,000 

Total amount pledged to railway companies as above $19,548,000 

of aid granted to companies who have commenced or 
finished their roads, is 15,481,000 

Amount pledged to companies that have suspended operations 4,067,000 

Leaving to be drawn $5,330,000, which will ultimately swell the rail- 
road debt to about $16,000,000. 

Sinking Fund. — Each company is obliged to deposit annually (after being 
completed for five years) 2 per cent, upon the amount of bonds issued or endorsed, 
besides providing for the semi-annual interest by a deposit in the Bank of Tennes- 
see fifteen days before the coupons are due. The Nashville and Chattanooga is 
the only road that has been completed long enough to begin the sinking fund, to 
which it has contributed promptly. 



532 capitalist's guide and railway annual. 



VIKGMA. 

The debt of this State is highly esteemed on account of her wealth and re- 
sources, and large as it is, it will be perceived that more than one half is owned 
by her own citizens. Nearly two-thirds of the debt has been created since Jan- 
uary 1, 1852 — all for works of public improvement. The following is the 

Outstanding State Debt at the Close of 1838 : 
The three sums on the right compose the balance of the old debt of $11,971,838, 
on the 1st January, 1852, at which date the Sinking Fund was created, viz . : 



Redeemable during the years specified. 



1860 
1861 
1862 
1863 



Redeemable from 1852 to 1858, or at T1852 to 
the pleasure of the State, provided that 1854 " 
pleasure does not extend beyond 15 < 1855 " 
years, making the absolute maturity 1857 
from 1867 to 1873. 



( Redeemable in the years 
specified, but afterwards at 
the pleasure of the General 
Assembly, without limita- 
tion. 



Redeemable in the years 
specified. 



['1852 
1854 
1855 
1857 
1858 
1859 
1860 
1861 
1862 
1863 
1^65 
1886 
1887 
1888 
1889 
1890 
1891 
1892 



[1858 

$56,000 

145,000 

205,000 

987,200 

1,697.669 

858,988 

314,215 

88,884 

247,388 

14.937 

17,315 



1867 
1869 
1870 
1872 
1873 

1866 
1867 

1868 
1869 
1870 
1872 
1873 
1874 
1875 
1876 



$9,150 
23,137 
60,195 
11,261 

$50,000 
20.000 
50,000 
60,000 
43,950 

$1,435 
270,500 
689.434 
369,522 
132,110 
242,000 
600,000 
245.000 
876.098 
1,127,050 

$4,554,687 
4,571,417 
4,121,884 
1,504,403 
2,65^,570 
1,423,356 
1,964,000 



$103,743 



$223,950 



Total direct liabilities of "the State 

Of this amount there is in 

Registered stock $15,571,505 

Coupon dollar bonds.... 12,861.000 

" sterling" 1.875,000 

At 5 per cent, interest 2,940,600 

5i " " 25.300 

6 « " 27,022.605 

7 « « 319,000 



$9,186,490 



20,793,317 
$30,307,505 



Endorsements. 

For James River and Kanawha Canal Company $2,260,000 

Chesapeake and Ohio Canal " 200,000 

City of Wheeling, for her subscription N. W. Vir- 
ginia railroad company 500,000 

Alexandria for her subscription to Alexandria Canal 9,504 

Richmond and Danville railroad 200.000 

Virginia Central " 1,269,500 

Total liabilities of the State 



$4,439,004 
$34,746,509 



STATE DEBTS. 533 

Property of trie Commo-ntvealtli : 

Stocks and loans to railway companies $15,877,323 

" " navigation " 4,8:35,504 

" of turnpike companies 2,195,306 

Plank road " 422,709 

" Bridge " 97,295 

" in banking institutions 3,312,110 

Miscellaneous 1 328,130 $27,068,377 

Excess of liabilities $7,678,132 

Finances, June 1, 1859 : 

Cash in Bank of Virginia $302,633 

" Farmers' Bank 318,053 

" Exchange 294,658 

$915,344 

At the credit 

Of the Commonwealth $394,533 

Literary fund 148,810 

Board of Public Works 5,091 

Commissioners Sinking Fund 382,901 

$915,344 

Sinking Fund. — The constitution provides that an amount equal to 7 per cent, 
shall annually be set apart upon the debt, 1st January, 1852, which amounted to 
$11,971,838, requiring the sum of $838,028 68 as the basis. It also provides that 
whenever after the 1st January, 1852 a debt shall be contracted by the common- 
wealth, there shall be set apart in like manner, annually, for thirty-four years, a 
sum exceeding by one per cent, the aggregate amount of the annual interest 
agreed to be paid thereon at the time of its contraction. This additional one per 
cent., promptly paid to the commissioners, and by them invested, will retire the 
whole outstanding debt in 34 years, — the time all the new debt has to run. 

The operations of the Fund have been for the four years to 1856, as follows : 

Annual Appropriation Annual Interest Balance 

On Old. On New. On both. For investment. 

1852 $838,028 $207,389 $887,965 $157,452 

1853 838,029 527.306 1,154,576 210^89 

1854 838,029 802,018 1,380,009 260,108 

1855 838,028 90 -,396 1,456,651 283,773 



$3,352,113 $2,439,109 $4,879,201 $912,022 

3,352,114 4,879,201 



Aggregates $5,791,223 $5,791,223 

Debt Redeemed and Invested. 

Redeemed. Invested. Total. 

1852 $127,900 $29,627 $157,527 

1853 135.500 75,341 210,341 

1854 143,700 116,560 260,260 

1855 283,773 283,773 



$407,100 $505,301 $912,401 

Up to 1855, the debt redeemed was the old, outstanding prior to Jan. 1, 
1852. An Act has been passed since the creation of this Fund enabling the Com- 
missioners to designate the kind of bonds sought to be redeemed, and giving them 
authority to purchase such portions of the debt as will benefit the fund the most. 
The whole debt will be extinguished May 1st, 1890. without any new additions to 
the Fund, either from ^thesale of bank stocks owned by the State, or from any 
other source. 

45* 



534 capitalist's guide and eailwat annual. 

UDder the operations of the Sinking Fund, the figures opposite the years will 
exhibit the amount of outstanding debt for each period of five years, from 1865 
to 1890, viz : 



1866. 
1870. 
1875. 



$25,960,000 
23,371,000 
19,900,000 



Alexandria, Loudoun and Hampshire 

Covington and Ohio 

Fredericksburg and Gordonsville 

Manassas Gap 

Norfolk and Petersburg 

Orange and Alexandria 

Richmond, Fredericksburg and Potomac. 

" and Petersburg 

" and Danville, direct 

" " guaranteed 

•' and York River 

Roanoke Valley 

South Side 

Virginia Central, direct 

** " guaranteed 

" _ and Tennessee 

Winchester and Potomac 



1880 




$15,260,000 


1885 




9,064,000 


1890 


Extinguished 


Aid Granted. 


Aid Drawn. 


Balance* 


$1,020,000 


$502,748 


$517,252 


1,500,000 




1,500,000 


138,000 


131,799 


6,201 


1,923,100 


1,923,100 




1,124,700 


1,110,794 


13,906 


1,262,315 


974,500 


287,815 


275,200 


275,200 




385,600 


385,600 




1,800,000 


1,800,000 




200,000 


200,000 




494,150 


463,567 


30,583 


31,000 


307,420 


2,580 


803,500 


803,500 




1,869,595 


1,869,595 




1,269,500 


1,269,500 




3,298,500 


3,240,000 


58,500 


120,000 


120,000 





$17,794,160 $15,377,323 $2,416,837 

Aid to other Companies. 

Chesapeake and Ohio Canal Company, guaranteed $200,000 

James River and Kanawha Canal ' • direct 2,366,000 

* " " " "guaranteed 2,260,000 

Alexandria " " 9,504 

Turnpike companies 2,195,306 

Plankroad " 422,708 

Bridge " 97,296 

Trustees, town of Bath . 2,5000 

Total $7,553,314 



Recapitulation. 

Railroads $17,794,160 

Other companies 7,553,314 

Total State aid $25,347,474 



PROGRESS OE RAILWAYS IN THE UNITED STATES. 

The following tables exhibit the annual increase in the mileage of railways 
opened in each State, from 1828, when only three miles of rails were laid, to the 
1st January, 1859, at which time there were 28,270 miles in operation, besides 
about 12,000 miles projected, and some 400 miles in the course of construction. 
j The pioneer roads, built in the United States, were for hauliDg burdens — the 
first from Quincy to Neponset river in 1828, and three small coal roads in Penn- 
sylvania in 1829. The Baltimore and Ohio company is entitled to the honor 
of constructing and operating the first road for passengers, in 1829, between Bal- 
timore and Ellicott's Mills, 13 miles ; and the South Carolina company, in 
building six miles out of Charleston in 1830, claims the second. Upon the latter 
the first American built locomotive ran with success, and weighed but five tons. 

EASTERN STATES. 



Years. 



1828.. 
1829.. 
18 0.. 
1831.. 
1832. . 
1833.. 
1834.. 



1836. 
1837. 
1838. 



1840. . . 
1841... 
1842. . . 
1843. . . 
1844... 
1845.... 
1846. . . 
1847... 
1848..., 
1849. . . , 
1850. . . , 
1851.... 
1852. . . . 
1853. . . . 
1854. . . . 
1855. . . . 
1856. . . . 
1857.... 
1858. . . . 
1859.... 



Maine. \ N. H. 



12 

12 

12 

12 

12 

37 

64 

64 

64 

64 

64 

64 

87 

175 

224 

283 

384 

410 



486 



Vermont. 



Mass. 



19 



134 

309 
414 
463 

582 
585 
585 
601 
609 
631 
653 



93 
243 

302 
369 
427 
454 
454 
454 
471 
557 
557 



3 
3 
3 
3 
3 
3 
3 

49 

126 

126 

126 

144 

144 

219 

435 

465 

465 

467 

626 

718 

790 

948 

1,095 

1,145 

1,153 

1.153 

1,175 

1.220 

1,221 

1.318 

1,338 

1.338 



Rhode 
Island. 



Conn. 



Total. 



50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
50 
60 
95 
95 
96 
98 
101 



36 

36 

36 

212 

238 



238 
238 

238 
238 
238 
238 
326 
434 
549 
570 
579 
596 
656 
689 
689 
689 
689 



3 

3 

3 

3 

3 

3 

3 

49 

162 

174 

224 

418 « 

444 

519 

760 

817 

820 

822 

997 

1,108 

1,180 

1.638 

2,396 

2,684 

2,888 

3,166 

3,327 

3.469 

3;519 

3,612 

3,796 

3,824 



536 



PROGRESS OF RAILWAYS 



MIDDLE STATES. 



Years. 


N.York. 


N. J. 


!- 

Penn. 


Delaware. 


Maryland 


Cohimbia rirfinia. 


Total. 


1829.... 






25 










25 


1830.... 






25 




13 






33 


1831.... 






32 




13 






45 


1832.... 


17 




52 




20 






89 


1833 ... 


39 


34 


212 


16 


80 




12 


393 


1834. . . . 


39 


34 


311 


16 


83 




33 


521 


18:35.,.. 


89 


77 


318 


16 


83 




93 


631 


1836.... 


74 


77 


343 


16 


128 




93 


731 


1837.... 


230 


103 


421 


16 


123 




125 


1,031 


1838.... 


. 325 


108 


562 


16 


181 




125 


1,817 


1839.... 


325 


123 


562 


16 


181 




125 


1,332 


1840.... 


404 


148 


562 


16 


181 




125 


1,436 


1841.... 


496 


186 


893 


16 


202 




147 


1,940 


1812. . . . 


590 


186 


893 


16 


223 




223 


2,131 


1843. . . . 


722 


186 


893 


16 


233 




223 


2,278 


1844... 


722 


186 


893 


16 


254 




223 


2,394 


1845... 


796 


186 


893 


16 


268 




223 


2,382 


1846.... 


873 


188 


893 


16 


235 




223 


2,476 


1847.... 


878 


186 


946 


16 


324 




270 


2,550 


1848.... 


902 


195 


931 


16 


324 




303 


2,721 


1849.... 


953 


195 


931 


16 


324 




303 


2,772 


1850.... 


1,070 


231 


931 


16 


324 




303 


2,925 


1851.... 


1,40 1 


267 


1,133 


16 


324 




413 


3,557 


1852. . . . 


1,946 


290 


1,326 


16 


355 




513 


4,481 


1853.... 


2,123 


290 


1,326 


16 


355 




624 


4,734 


1851. . . . 


2,400 


350 


1,400 


50 


355 




900 


5,455 


1855 .... 


2,593 


429 


1.581 


50 


407 




936 


6,051 


1856. . . . 


2,672 


457 


1,767 


62 


407 




1,019 


6,334 


1857.... 


2,633 


478 


2,041 


93 


437 




1,259 


6,891 


1858.... 


2.635 


478 


2,545 


101 


437 




1,233 


7,529 


1859.... 


2,726 


553 


2,678 


114 


454 


"*8 


1,643 


8,176 



SOUTHERN STATES. 



Years. 


i 

n. a i s. a 
| 


Georgia. 


Flori- 
da 


Alaba- 
ma. 


Miss. Lom ' 
siana. 


Tmn. Ark's. 


Texas 


Total. 


1831.. 




6 




















6 


1832. . 






33 


























33 


18:33. . 






88 








46 






5 














139 


1834.. 






137 








46 






46 














194 


1835.. 






137 








46 






40 














223 


1836.. 






137 








46 






40 














223 


1837.. 






137 


7 






46 






40 














230 


1838.. 






137 


57 






46 






40 














230 


1839.. 






137 


100 






46 






40 




. ' 








323 



IN THE UNITED STATES. 

SOUTHERN STATES.— Continued. 



537 



Years. 


n a 


s. a 


Georgia. 


Flori- 
da. 


Alaba- 
ma. 

46 


Miss. 


Loui- 
siana. 


Tenn. 


Ark's. 


Texas, 


Total. 


1840.. 


53 


137 


185 






40 








461 


1841- . 


87 


204 


271 




46 


14 


40 








662 


1842.. 


164 


204 


323 




46 


14 


40 








791 


1843.. 


164 


204 


368 




46 


26 


40 








848 


1844.. 


164 


204 


452 




46 


26 


40 








932 


1845.. 


261 


204 


516 




46 


42 


40 








1,109 


1846.. 


261 


204 


576 




46 


42 


40 








1,169 


1847.. 


261 


204 


609 


38 


91 


60 


40 








1,303 


1848.. 


261 


204 


609 


54 


91 


60 


40 








1,319 


1849.. 


264 


249 


609 


54 


113 


60 


66 








1,415 


1850.. 


264 


249 


609 


54 


113 


60 


66 








1,415 


1851.. 


288 


263 


665 


54 


113 


60 


117 








1,560 


1852.. 


288 


383 


804 


54 


135 


95 


117 


134 






2,010 


1853.. 


342 


599 


857 


54 


236 


95 


117 


185 




31 


2,515 


1854.. 


400 


650 


910 


54 


290 


210 


190 


300 




36 


3,040 


1855.. 


409 


741 


975 


54 


304 


255 


222 


366 




36 


3,362 


1856.. 


502 


771 


1,001 


£5 


336 


410 


231 


464 




40 


3,809 


1857.. 


533 


811 


1,030 


61 


454 


413 


251 


Ml 




71 


4,165 


1858.. 


586 


843 


1,089 


113 


560 


469 


289 


6E6 


39 


127 


4,751 


1859.. 


693 


873 


1,178 


193 


582 , 604 


309 


876 


39 


205 


5,552 



WESTERN STATES. 



Years. 


Ky. 


Ohio. 


Indiana. 


Illinois. 


Mis- 
souri. 


Iowa. Michi - 
gem. 


W , is : Cat ' Total, 
co sin 


1832. . . . 


6 


















6 


1833.... 


6 


















6 


1834.... 


15 


















15 


1835. . . . 


15 


















15 


1836. . . . 


22 


















22 


1837.... 


22 


















22 


1838.... 


22 


















22 


1839.... 


25 


















25 


1840.... 


28 


















28 


1841.... 


28 


36 




22 






138 






224 


1842.... 


28 


84 


x 


22 






138 






272 


1843. . . . 


28 


84 




22 






174 






308 


1844.... 


28 


84 




22 




• 


206 






340 


1845.... 


28 


84 




22 




238 






372 


1846.... 


28 


84 


30 


22 




238 






402 


1847. . . . 


28 


129 


30 


52 




270 






509 


1848.... 


28 


274 


42 


52 




270 






666 


1849. . . . 


28 


299 


86 


52 




: 270 






735 


1850.... 


28 


531 


86 


52 




1 344 




1,041 


1851.... 


55 


890 


• 215 


52 




379 




1,591 


1852. . . . 


93 


i,a«5 


538 


148 




474 


20 


2,658 


1853. . . . 


93 


8.453 


755 


296 




474 


50 


4,121 


1854.... 


150 


25,92 


950 


1,200 




•174 


200 


5,566 


1855.... 


231 


2,669 


1,406 


1,884 


37 


88 ■ 474 


240 22 


7,051 


1856. . . . 


231 


2,702 


1,589 


2,241 


138 


122 i 474 


285 22 


7,804 


1857... 


286 


2,850 


1,901 


2,571 


245 


246 636 


559 22 


9,316 


1858. . . . 


314 


2,946 


1.902 


2,678 


342 


311 636 


793 22 9,044 


1859. . . . 


498 


2,978 


1,939 


2,774 


548 


344 


777 


838 


22 


10.718 



N 



The Capitalist's Guide and Railway Annual, 
for 1859. By P. H. Stow. Samuel H. Callahan. 
This work is really what it claims to be— a compilation 
c? great va'ue to capitalists. Nowhere will there be 
found assembled so large a mass of information in so brief 
a compass on the great railway enterprises of the country. 
It appears from the statistics of Mr. Stow that in nine 
Sears, or from 1850 to 1859, the railways of the United 
States increased from 7,355 to 27,944 miles in length. In 
{Mb period the increase in the New England States amount- 
ed to 62.74 per cent, while in eight of the Western States 
the increase was 1.201,41 per cent. At the same time the 
former gained in population 16.12 per cent, and the latter 
46.22. The toial cost of the roads, up to 1859, amounted 
to $365,451,070, of whtch large sum it is supposed one- 
ihird has been wasted in construction; yet by their influ- 
ence lands have been advanced in value and the speed of 
internal communication greatly augmented, and the whole 
country benefitted. Tnere are at this time 28,000 miles of 
finished roaus in the United States, and about 16,000 miles 
either under cosntruction or projected, requiring 
$400,000,000 for their completion. It is estimated, 
however, that many years must elapse be- 
fore sufficient capital can be diverted from 
other objects to carry them through. In 
the meantime, many projected in a spirit of rivalry to 
other reads will be abandoned. It is calculated tnat 
SQ,6C0 miles of railway are sufficient to do all the business 
cf the country at the present time, and that 8,000 miles 
fcave been constructed, in part in rivalry to other roads, 
which have proved a dead loss to stockholders, and in the 
main will pass into the hands of the bondholders. The 
average cost of railways per mile has been $36,328. In 
She Middle States, $40,919; in the Southern States, $22,906; 
and in the Western States, $36,333. The reason assigned 
for the cheapness of construction of railroads at the South 
is, that they were built on the cash plan. Among the 
cet earnings, the Panama shows the largest returns, be- 
Jng $£9,564 per miie; and those earning the least, or no- 
thing to stockholders, were found in Maine, Vermont, Mis- 
sissippi, Missouri, Iowa, Illinois, New York, &c. The list 
cf dividend paying roads comprises 78; among which, two 
pay an annual dividend of 12 per cent; nine, 10 per cent; 
fiwo, 9 per cent; ten, 8 per cent; six, 7 per cent; thirty, 6 
per cent; five, 6 per cent; one, 4 per cent; one, 2>£; and 
one, 2 per cent. The list of delinquent companies on stock ' 
or bonds amounts to 33. Ihe total bonded debts of the I 
Americas raiiwajs, all of which mature between 1859 l 
and 1874, amount to $411,199,702. The total debts of 
the States, including all liabilities, direct and indirect, 
including loans to railroads and expenditures for canal 
and banking purposes, amount, according to Mr. Stow's 
statement, to about $291,895,660. Many of the liabilities ' 
incurred, however, for canals, railroads and banks, can- a 
not be considered in the light of any direct charge upon " 
the people, a« they, in most cases, pay their interest and » 
Sinking funds to the State, and in some cases they yield a j 
surplus revenue to the treasury. New Jersey has no di- ) 
irect debt, but an indirect liability on account of canals and ' 
railroad bonds of some Beven millions, which forms no 



